Why the word "Jeremiad" was invented

Why for Willem Buiter, of course. This is a fantastic read. Here is the lovely conclusion:

"We can go down in history as the generation that created the Great Depression of the Noughties. Just keep on beating the protectionist drums. Keep on the footdragging that prevents effective qualitative and quantitative monetary policy easing in the Eurozone and the UK. And go ahead with unsustainable fiscal stimuli in the US, the UK and elsewhere that will spook markets, push up long-term interest rates and raise the spectre of sovereign default by countries not belonging to the group of usual suspects. Yes we can! I hope we won’t."

Interestingly, the only institution Buiter thinks is kind of doing its job is the Federal Reserve.