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Maybe it is just me, but it seems that the acid test for "winning" the nobel prize is not what it used to be?
Full article here.
What does the recent rise in treasury yields mean for the economy?
The debate currently raging between Paul Krugman and Niall Ferguson pits traditionalists who think rising yields signal rising investor confidence against declinists who think yields are rising because the US is trashing its currency by monetizing debt. Unfortunately, both men may be basing their arguments on outdated metrics that don't take into account the radical changes we've wrought in the way our economy operates.
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The debate currently raging between Paul Krugman and Niall Ferguson pits traditionalists who think rising yields signal rising investor confidence against declinists who think yields are rising because the US is trashing its currency by monetizing debt. Unfortunately, both men may be basing their arguments on outdated metrics that don't take into account the radical changes we've wrought in the way our economy operates.
...
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