As the markets fret over inflation, Noah Millman has a penetrating post on what may lie ahead after the anti-deflationary splurge:

If the United States faces a situation at some point in the near future where we cannot finance our debts from abroad in our own currency, we would be forced into the kinds of austerity measures that created deep depressions in multiple emerging markets in the 1990s. To the extent that our current actions are retrospectively blamed for contributing to that crisis, we’ll regret them even more than we regret allowing the housing bubble to develop in the first place.

Meanwhile, Felix Salmon and Matt Yglesias correct John Taylor. Taylor's broad case against our run-up in debt is sounder than his math.

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