The views expressed in this private paper are those of the author alone and may not be shared by his employing agency, the Australian Treasury.

"The US, Japan, and Ireland are threatened by the spectres of deficient private demand, rising debt, and a tendency to deflation. This column questions current monetary policy directions, i.e. quantitative easing, and argues that printing money to directly finance fiscal stimulus may be a better option."

Nice column here- very interesting coming from an Aussie Treasury official.