Paul Krugman: Money for Nothing

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A funny thing happened on the way to the predicted fiscal crisis: instead of soaring, U.S. borrowing costs have fallen to their lowest level in the nation's history. And it's not just America. At this point, every advanced country that borrows in its own currency is able to borrow very cheaply. It's time to stop paying attention to the alleged wise men who hijacked our policy discussion and made the deficit the center of conversation. They've been wrong about everything -- and these days even the financial markets are telling us that we should be focused on jobs and growth.

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At www.nytimes.com

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