For all of the angst in the NY Times editorial pages last week about the prospect of defaulting, it is clear that the editors there are the biggest cheerleaders for default: as long as it comes about via inflation. In an editorial today, the Gray Lady excoriates the Fed for not promoting higher rates of inflation and finding ways to force banks to lend money. In calling for more action, the editorial declares:

A more aggressive strategy would be letting inflation rise above the Fed’s comfort level of 2 percent or so to, say, 4 percent. That could help the economy by easing the repayment of debt. (Emphasis mine)

Keep in mind that what the NYT really is demanding is the slow default that comes via debasing of the dollar. It is less dramatic but over time much more economically devastating than an actual, official default. So, once again, the nation’s leading “Progressives” demonstrate their utter economic ignorance.