Financial Times Calls For Full Employment Policies

By Matthew Yglesias | Posted Sunday, June 3, 2012, at 8:55 PM ET

All too often, the business class is ideologically reluctant to embrace the idea that public policy should aim at stabilizing adequate demand and ensuring something approaching full employment. But today's Financial Times editorial steps up to the plate and hopefully people are listening:

First, and most immediately, Ben Bernanke could reverse the hawkish drift at the Federal Reserve and announce a third round of quantitative easing at the next Federal Open Market Committee meeting, later this month.

Pessimists have been forecasting runaway inflation since the start of the financial crisis in 2008. Clearly the markets do not agree.