[T]he policy elite — central bankers, finance ministers, politicians who pose as defenders of fiscal virtue — are acting like the priests of some ancient cult, demanding that we engage in human sacrifices to appease the anger of invisible gods.
That's Paul Krugman, kicking off a column on the strange arguments that proponents of immediate budget cuts and tighter Fed monetary policy use to make their case. The angry gods -- dare I say, History's Greatest Monsters? -- are the bond vigilantes. As the "austerians," Krugman's extra-terrestrial nickname for the fiscal hawks, await the vengeance of these dread financiers, you might consider a different take: "The markets aren’t demanding that we give up on job creation. On the contrary, they seem worried about the lack of action."
-- Tim Fernholz
