If the 2008 crisis hadn't happened, do you really think interest rates would be where they are now? I think it's easy to imagine a very different tail on that

If the 2008 crisis hadn't happened, do you really think interest rates would be where they are now? I think it's easy to imagine a very different tail on that curve post-2008, which would have left the 2003 low intact. If you're asking Krugman to have predicted the 2008 crisis in 2003, I think that's a bit much.