Here is Paul Krugman writing in a book review in 2014: "Almost nobody predicted the immense economic crisis that overtook the United States and Europe in 2008.

Here is Paul Krugman writing in a book review in 2014: "Almost nobody predicted the immense economic crisis that overtook the United States and Europe in 2008. If someone claims that he did, ask how many other crises he predicted that didn’t end up happening." http://www.nybooks.com/articles/archives/2014/oct/23/why-werent-alarm-bells-ringing/?insrc=toc http://www.nybooks.com/articles/archives/2014/oct/23/why-wer... Then read hedge fund billionaire Druckenmiller's transcript linked in this article below. http://www.bloomberg.com/news/articles/2015-04-10/druckenmiller-recounting-soros-experiences-blasts-fed-policies http://www.bloomberg.com/news/articles/2015-04-10/druckenmil... Then read about billionaire Ray Dalio here: http://www.newyorker.com/magazine/2011/07/25/mastering-the-machine http://www.newyorker.com/magazine/2011/07/25/mastering-the-m... Krugman didn't 2008-2009 coming. Many people did. I think QE + ZIRP saved us from a catastrophe in 2008-2009. Instead of thinking what got us to a point where such heavy-handed financial tools were necessary and moving away from the cliff, we've just used the QE tool over and over again. QE1,2,twist,3. QE in Japan. QE in Europe. The Chinese have yet to openly go down this path. I don't in any way believe that Krugman knows what is coming. (I don't either.)