Paul Krugman claimed in his New York Times op -ed article today that Republicans have mischaracterized what has happened in Europe to justify their own austerity program of significant budget cuts to reduce the national debt rather than monetizing it. He complained that Congressman Paul Ryan, who delivered the Republicans' response to President Obama's spend-by-another-name State of the Union Address, had appropriated Europe's debt problems on behalf of their own agenda, "never mind the fact that events in Europe actually point the other way."
