Question for Paul Krugman

Mr. Krugman, would you have advocated during the collapses of the South Sea Island, the Tulip, the Mississippi Land, et al. speculative bubbles that governments should have simply printed up more such promissory notes to give the speculators proper government backing? What does this do but promote a more vicious hypothecation of the self same bubble? By the way, it is wrong to characterize this crisis as resulting from merely the latest incarnation of monetarist speculation, i.e. the housing bubble. The credit default swap derivatives the are undergoing de-leveraging are but a small proportion of the cancerous multi hundred trillion derivatives "markets." Until this insane gambling casino mentality is extirpated and replaced any attempt to prop it up is foredoomed. You can bet on that.