The Financial Times published the following article by Jean-Claude Trichet (Head of the European Central Bank)..cut and paste the link into your browser to read the whole story.
Doug Noland at prudentbear.com has dissected it for you 2/3 down in the article linkrd above and the crux of his analysis is:
"Washington – or the states – can’t spend its way to fiscal recovery. Instead, we’re witnessing a fiscal train wreck. Our policymakers, economists, and pundits should read Mr. Trichet carefully and contemplate a course other than inflationism."
Click on the heading above and READ the whole thing...and ponder deeply.