Edited sentence: Another of the panelists, historian Niall Ferguson said, "The running of massive fiscal deficits [in the US] in excess of 12 percent of gross domestic product this year, and the issuance therefore of vast quantities of freshly-minted bonds," is likely to push interest rates up, although the administration is of the Keynesian opinion that such policies will push them down, stimulating borrowing and the economy.Krugman defended the Keynesian view that Ferguson was criticizing, although he had other objections of his own to Barack Obama's policies.Krugman said, "There's a global savings glut ... There is no excess demand to drive up interest rates.On April 30, 2009, Krugman took part in a panel discussion of the ongoing financial crisis hosted by PEN, the writers' association.The two men exchanges jibes for weeks thereafter