Delong is talking in favor of more government debt because treasury yields have dropped. Tyler Cowen started the debate. And of course Yglesias chimed in in favor of more debt.
The Tea party is in charge here, not Brad's elite technocratic team up there at Berkeley. If we take Brad and Yglesias at their word, then international investors want the Tea Party to spend the money.
But I know haw these things turn out. Brad is under a delusion that Nancy is in charge, and technocrat elite rule the game. Yglesias thinks that some magical "thought leader" will direct Congress. The real answer is the rambunctious Tea Party. They rule, they determine how to spend the money.
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