In your discussion of the European Central Bank’s leisurely approach to cutting the prime rate of interest, which is now set at two percent, you mention that its president, Jean-Claude Trichet, is cautious so as to avert a “liquidity trap” (“Trapped,” January 31, 2009). So far, so good. But then you continue quite breathlessly: “This ambiguous bit of jargon usually refers to situations, such as when interest rates fall to zero, where orthodox monetary policy can no longer affect demand.” Ambiguous? Jargon? Usually? The term comes straight from John Maynard Keynes and it pertains to situations where interest rates are close to zero, in which case people may prefer to hold onto their cash, the most liquid of assets, rather than putting it into a bank. The term can be found in every textbook of macroeconomics available on earth. Returning to Trichet, his caution is so much closer to Keynes than Ben Bernanke’s rush to the prime rate of interest of one percent almost exactly a year ago. Rather than blast Trichet’s cautious policies regarding the prime rate of interest, you should turn your attention to Bernanke’s shenanigans, and that “ambiguous bit of jargon” of yours will serve you well.