Opening Act: Hold On A Little Longer

Opening Act: Hold On A Little Longer

Opening Act: Hold On A Little Longer

Weigel
Reporting on Politics and Policy.
April 25 2012 8:19 AM

Opening Act: Hold On A Little Longer

Mitt Romney ends the primary.

For every single mom who feels heartbroken when she has to explain to her kids that she needs to take a second job … for grandparents who can’t afford the gas to visit their grandchildren … for the mom and dad who never thought they’d be on food stamps … for the small business owner desperately cutting back just to keep the doors open one more month – to all of the thousands of good and decent Americans I’ve met who want nothing more than a better chance, a fighting chance, to all of you, I have a simple message: Hold on a little longer.  A better America begins tonight.
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Paul Krugman tells Bernanke to listen to Bernanke.

In a hard-hitting 2000 paper titled “Japanese Monetary Policy: A Case of Self-Induced Paralysis?” Bernanke declared that “far from being powerless, the Bank of Japan could achieve a great deal if it were willing to abandon its excessive caution and its defensive response to criticism.” He proceeded to lay out a number of actions the Bank of Japan could take. And he called on Japanese policy makers to act like F.D.R. and do whatever it took: “Japan is not in a Great Depression by any means, but its economy has operated below potential for nearly a decade. Nor is it by any means clear that recovery is imminent. Policy options exist that could greatly reduce these losses. Why isn’t more happening? To this outsider, at least, Japanese monetary policy seems paralyzed, with a paralysis that is largely self-induced. Most striking is the apparent unwillingness of the monetary authorities to experiment, to try anything that isn’t absolutely guaranteed to work. Perhaps it’s time for some Rooseveltian resolve in Japan.”

David Weigel is a reporter for the Washington Post.