Eeyore's Economic Outlook
By Arnold Kling
As debt mounts and the recession lingers, we are surely going to see a number of governments trying to lighten their load through financial repression, higher inflation, partial default, or a combination of all three.
Read the whole thing. Thanks to Mark Thoma for the pointer. I have a dour outlook these days, but Rogoff always makes me look like Mary Poppins on laughing gas by comparison.