Krugman: “I think quantitative easing (it’s really qualitative easing, but I give up on trying to fix the terminology) is the right way to go. But we should go into it with our eyes open.” Fiscal aspects of quantitative easing (wonkish) - Paul Krugman Blog - NYTimes.com.

I agree. The idea of quantitative easing is to prevent deflation. I’ve heard deflation compared to a runaway train: impossible to stop once it’s rolling. Q.E. is supposed to keep that particular train from getting away from us by powering the engine (with a big pile of fresh money) in the other direction. Yes, possibly creating inflation, but would you rather be going uphill in the right direction, or rolling downhill backwards?