In other words, the Schrumpf effect is usually a product less of nature than of nurture-although "nurture" is an odd term for training that turns ordinary young men into enthusiastic killers.

There is something odd about central bankers denying any responsibility at all for long-term rates, which are, in principle, based partly on an assessment of a stream of short-term rates.

Given that the main reason for the recession and the weakness of the recovery is the dramatic increase in private thrift, this seems an odd short-term concern.