For six years Paul Krugman has been engaged in an intellectual war against the forces of evil on the right. Those who claim that monetary stimulus would lead to high inflation. Over that same period I’ve been engaged in a three-way struggle; market monetarism against the forces of misguidedness on both the left and the right. (Unlike Krugman I believe my opponents are well intentioned.) Monetary stimulus won’t lead to high inflation, and it’s not ineffective. For once I’m the sensible moderate.