From an article by Paul Krugman in Slate, January 15, 1999. Krugman was way out in front of most commentators, mainly because he understands economic theory and economic history.
In short, in Japan today--and perhaps in the United States tomorrow--behind many of the arguments about why we can't monetize our way out of a recession lies the belief that pain is good, that it builds a stronger economy. Well, let Keynes have the last word: "It is a grave criticism of our way of managing our economic affairs, that this should seem to anyone like a reasonable proposal."
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