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Paul Krugman: Appeasing The Bond Gods

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As I look at what passes for responsible economic policy these days, there's an analogy that keeps passing through my mind. I know it's over the top, but here it is anyway: the 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.

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