“The Feckless Fed” – latest Krugman oped in the NYT – says it is “a good bet” we will see deflation by sometime next year

“The Feckless Fed” – latest Krugman oped in the NYT – says it is “a good bet” we will see deflation by sometime next year yet the Fed doesn’t seem to be taking any serious action; what can the Fed do? “It can buy private-sector debt. It can try to move expectations by announcing that it will keep short-term rates low for a long time. It can raise its long-run inflation target, to help convince the private sector that borrowing is a good idea and hoarding cash a mistake” (NYT)