Paul Krugman: The Fed is not a rogue trader and historical norms for interest rates aren't relevant in a persistently depressed, deleveraging economy. But traders continue to lash out and claim, "It's all fake!"
The citizens' ballot initiative or referendum, created in the first Gilded Age to counter plutocratic governance, is overmatched in new Gilded Age.
Dick Meister is a San Francisco-based freelance columnist who has covered labor ad politics for more than a half-century. Contact him through his web site, dickmeister.com.