Spain provides a lesson for those who believe the Fed should pursue a policy focused on...

|By:, SA News Editor

Spain provides a lesson for those who believe the Fed should pursue a policy focused on "fighting the imaginary risks of inflation," Paul Krugman writes. Spain is a "prisoner of the euro," leaving it with no good options; the U.S. has its own currency, and thus far more flexibility. Those trying to shackle the Fed essentially are demanding "that we voluntarily put ourselves in the Spanish prison."