In a recent article in the New York Review of Books, Paul Krugman and Robin Wells lay down another marker in this debate, while caricaturing my recent book, Fault Lines, in the process.

PAUL KRUGMAN: I think it was meant mainly as a technical cleanup—just a reduction in the aid to banks, not a contractionary policy; and maybe also as a non-substantive sop to the inflation hawks.

PAUL KRUGMAN: As a technical matter, it's almost impossible to leave the euro-any country that even began the process would face the mother of all bank runs.