Could A Determined Central Bank Fail to Inflate? by Yglesias

Fed Chief Gets Set to Apply Lessons of Japan's History by John Hilsenrath

The liberal-left has long ignored monetary policy. Fiscal policy (FDR's WPA and public works programs) has long been romanticized.

The "debate" is similar to the one over health care reform. Some argued that nothing would be better than what eventually passed. See, they're hardcore and they wanted the public option. Everyone else are sellouts. Similarly, monetary policy can't do anything more. We need fiscal policy. No matter that Senate Democrats are blocking it. Getting nothing is better than trying more monetary policy.