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AEP is off the reservation with this column. He talks like Krugman and favors massive additional moetary stimulus, i.e. QE:

The Tea Party Congress, like Europe's bourgeousie, would rather wallow in liquidation, Puritan cleansing, and mass default than tolerate the possibility of a solution.

To those who excoriate monetary stimulus as some form of devilry -- most readers it seems -- my question is whether would you rather see bigger deficits and bigger publics debts instead. Because that is exactly what you get if central banks fail to act in a slump, if you don't lose you democracy as well.

Even AEP's loyal readers, as evidenced by the comments, take him to task for his wrong-headedness.

One point of agreement that I have with Bernanke is that the Fed has done all it can and that the President and Congress must right our economic ship by eliminating the federal deficit. The last thing we need, to quote David Stockman, is for the Fed to inject more high-grade monetary heroin into the financial system.