The Deficit Hawks Are Dead. Long Live The Monetary Hawks.

The economic blogosphere has helped to defang the deficit hawks.  They have been transformed into monetary hawks who worry about the policies of the Federal Reserve.  Fiscal policy has been short circuited so the Fed is the only game in town that can do something about our employment picture.  The monetary hawks are less concerned about unemployment than they are about the potential danger from aggressive monetary policy.  Many believe that higher unemployment is the new normal.  Just like the heroes in Ayn Rand's novel, they shrug when the issue of unemployment comes up.