The Spanish Prisoner by Paul Krugman

"The bad news about America is that a powerful political faction is trying to shackle the Federal Reserve, in effect removing the one big advantage we have over the suffering Spaniards. Republican attacks on the Fed — demands that it stop trying to promote economic recovery and focus instead on keeping the dollar strong and fighting the imaginary risks of inflation — amount to a demand that we voluntarily put ourselves in the Spanish prison." Read the full article

I do not entirely agree with him on the Spain's debt issue. Although, by joining the Euro zone they have lost their ability to devalue their currency, but at least their debt remains in Euro (the luxury from which most of east Asian countries were deprived, during 1997 crisis). However, he is right on the money in condemning the latest assaults on the Fed's independence (though despite what he says, the attacks are not coming only from conservatives, but from the liberals as well).

Dear Congressmen, confine the democracy to that dysfunctional Congress and don't mess with the Fed's precious Independence, please!