On the whole, the annual symposium of central bankers in Jackson Hole, organized by the Federal Reserve Bank of Kansas City, was a glum event. But there is a glimmer of hope. As you report, many central bankers, including Ben Bernanke, the Fed’s chairman, believe it is time for fiscal policy to do more (“Mountains to Climb,” September 3, 2011). How right they are, too. Although they could be criticized for shifting the emphasis from their own domain, monetary policy without its fiscal counterpart cannot be expected to do much. Not any longer, to be sure. Fiscal tightening across the rich world can only lead to more trouble. Of course, the question is where the over-indebted governments will find the money for fiscal stimuli large enough to make a difference. That is, to create jobs and incomes, thus propelling the world economy forward. Taxing the rich is the only plausible way out of the conundrum. Otherwise, additional monetary stimuli will drive the rich toward ever more implausible investments, as well as pernicious bubbles to match. This sums up the rich countries’ political dilemma pretty well.