of the current situation to even publish such a view. Your Anglo Disease rubric really does capture the context.

Not directly related, but here is another "Wow!" - one of the stupidest pronouncements yet from the Bushits:
"Fed Vice Chairman Donald Kohn, in a speech Tuesday, said the Fed remained concerned about the weak economy, signaling the possibility of further rate cuts. While noting recent "disappointing" news on inflation, he said, "I do not expect the recent elevated inflation rates to persist," in part because the slowing economy should ease pressure on wages."

paul spencer