Years ago I read about the Scottish economist John Law who, around 1700, introduced some revolutionary new aspects about paper money in France. This now came to my mind. I found this in Wikipedia and that in The Economist. For whatever reason, my gut tells me that Prof. Paul Krugman is saying today what John Law said about 300 years ago. Maybe he is right; maybe not. The only way to find out is to make Prof. Krugman Secretary of the Treasury (of the US; not of Greece...).