But never mind. The professors have a three part solution, and its more, more……and moar! To make room for more monetary stimulus after six-years at the zero bound, therefore, Professor Rogoff has a truly juvenile solution. Namely, to abolish cash. That's right, this Harvard windbag proposes to confiscate your kids' piggy bank and any green stuff that may  be left in your wallet.

Meanwhile, Krugman has made a quick circuit through Tokyo, where he apparently was instrumental in convincing Japan's prime minister to cancel the next installment of the consumption tax increase—a move that was utterly necessary in order to stem the nation's massive flow of red ink. But why not spend a few more years adding to Japan's staggering debt burden, which is already at 230% of GDP and rising inexorably in a nation that is fast becoming the world's foremost retirement colony? After all, Professor Rogoff has now perfected a scheme which will allow central banks to monetize all the debt that even the most profligate government can possibly issue.

So start with Professor Rogoff 's incredible assault on the peoples' cash and coins—a necessary prelude to even more fantastic rates of central bank monetary expansion. Here is exactly what he recently advocated at a "prestigious" international policy forum: