Inflate, Deflate or Default
He starts off describing how some fifteen years ago he came to the well-studied, theoretically grounded conclusion:
I came to the simplistic conclusion that we, as a country, had but three choices for righting our hopelessly listing fiscal super-tanker; Inflate, Deflate or Default.
However, that didn't happen. Instead something very different occurred. Now he reasons that we're finally back to a fundamental point where his original thesis is valid.
Read for yourself, and read the comments (one of which you'll recognize), and let me know what you think. In my opinion, Craig cleanly summarizes the conversations, arguments and reasoning many of us have been having over the past many years on macro subjects. I'm just no[t] so sure he will be any more right this time around.