Nobel Prize-winning economist Paul Krugman suggested that Federal Reserve policy makers led by Ben S. Bernanke are “reckless” for not pursuing a higher inflation rate, which he said could lower U.S. joblessness. “The reckless thing is to allow mass unemployment to continue,” Krugman, a Princeton University professor, said on Bloomberg Television’s “Street Smart” today. “We have had a massive failure of our political system that has come to accept that 8 percent unemployment is the new normal and there is nothing that can be done,” Krugman said. “We’re in a low-key version of the Great Depression.” Krugman, whom ... (full story)