Paul Krugman: The Fed is not a rogue trader and historical norms for interest rates aren't relevant in a persistently depressed, deleveraging economy. But traders continue to lash out and claim, "It's all fake!"
The citizens' ballot initiative or referendum, created in the first Gilded Age to counter plutocratic governance, is overmatched in new Gilded Age.
Andrew Lam is author of East Eats West: Writing in Two Hemispheres and Perfume Dreams: Reflections on the Vietnamese Diasora. His next book, Birds of Paradise, is due out in 2013.