Inflation: Eh

Paul Krugman defends Bush appointee Ben Bernanke from what he sees as a misguided conventional wisdom alleging that Bernanke has been too lax about inflation. Not only do Krugman's arguments seem convincing to me on their own terms, but in the all important personal case there's been no wage-price spiral as political blogger nominal salary growth has fallen short of the rate of inflation over the past twelve months.