'Milton Friedman is wrong and Japan proved it. Japan's national debt went from nowhere to 150% of GDP and they are still battling the aftermath of deflation for 18 years or more.'

This post addresses some of Krugman's silly ideas as well (the man is an unholy mix of Keynes and Friedman, but then again, so are most mainstream economists). And Mish doesn't even mention how the "fiscal stimulus" of the Great Depression didn't work either. THE ONLY SOLUTION IS TO DO NOTHING. Bureaucrats: repeat it 1000 times. You are not going to "fix" the free market. Its been tried for a century. It has failed.

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