OK. That's what Paul Krugman said. And he makes good sense.
An increase in interest rates right now would strangle the developed economies. Inflation is a problem in China and a few other developing countries, and those countries are the ones that need to cut back their economies, not the developed nations. The only inflation at the moment is in a few commodity items, and that is directly the result of the rapid expansion of the economies in underdeveloped nations.
Once again a group of bankers are proving that bankers are idiots.