dr palley emailed me this to share. http://blogs.ft.com/economistsforum/2010/02/euroland-is-being-crucified-upon-its-cross-of-gold/ i agree. the ecb is not functioning the same way that the boe and fed do and this causes problems. i differ on resolution. i do not think cb should be used to control demand. it should be other ways without credit. what do you think.