Lars Christensen’s new post is well worth reading (link below)

The Bundesbank demonstrated the Sumner critique in 1991-92.

All I can add is that the Bernanke Fed also did this to the stimulus package (Recovery and Reinvestment Act 2009) and again to its own QE2. A bunch of dolts on the FOMC there are. I wonder how any of them got to be as old as they are without getting hit by a train.