A Policy Mistake...Niall Ferguson disagrees with Paul Krugman..running massive fiscal deficits & issuing"vast quantities of freshly-minted bonds"is likely to push long-term interest rates up, at a time when the Federal Reserve aims at keeping them down- predicts “painful tug-of-war between.. monetary..& fiscal policy" "A further $10,000billion will need to be borrowed in the decade ahead (source: Congressional Budget Office)...& this ignores the vast off-balance-sheet liabilities of Medicare & Social Security.."He cites the Chinese central bank’s latest quarterly report: “A policy mistake...may bring inflation risks to the whole world"-Niall says the mistake has already been made –to adopt the fiscal policy of a world war to fight a recession... concludes with Keynes quote:“even the most practical man of affairs is usually in the thrall of the ideas of some long-dead economist”... http://www.ft.com/cms/s/a635d12c-4c7c-11de-a6c5-00144feabdc0,dwp_uuid=73adc504-2ffa-11da-ba9f-00000e2511c8,print=yes.html