Are Republicans trying to Create another Great Depression?

Paul Krugman: Axis of Depression
To read full article click on "Axis of Depression" Above. Begin quote below.

Axis of Depression

By PAUL KRUGMAN

Published: November 18, 2010 

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What do the government of China, the government of Germany and the Republican Party have in common? They’re all trying to bully the Federal Reserve into calling off its efforts to create jobs. And the motives of all three are highly suspect.

 

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It’s not as if the Fed is doing anything radical. It’s true that the Fed normally conducts monetary policy by buying short-term U.S. government debt, whereas now, under the unhelpful name of “quantitative easing,” it’s buying longer-term debt. (Buying more short-term debt is pointless because the interest rate on that debt is near zero.) But Ben Bernanke, the Fed chairman, had it right when he protested that this is “just monetary policy.” The Fed is trying to reduce interest rates, as it always does when unemployment is high and inflation is low.end quote.

And just like Herbert Hoover got the blame for the Great Depression, rightly or wrongly, so also will the Republican Party be blamed for the next Great Depression if they succeed in intimidating the Fed into stopping what it is trying to do now.(deflation is synonymous with Depression. Just look at Japan's Depression since the 1990s).

There are few tricks up anyone's sleeve now. The Fed is probably our last Bullet before the Tiger of Deflation eats us and sends us into a "For Real" Great Depression of 20 years or more. I think Republicans who are trying to stop the Fed from doing this either just "ONLY" want to bring Obama Down at all costs to the nation or they are just completely ignorant of World Economics, one or the other and possibly in some cases both.

So, if you REALLY don't want another Great Depression write to your Congressmen and Senators. Because in a Gridlocked Congress, the Fed buying Treasuries may be the last bullet for now in our Federal arsenal to stave off the full FURY of another Great Depression for about 20 years just like Japan is still in because their "Republican Party" screwed them too in the 1990s.