UR – When Krugman was cheering on ultra-easy monetary policy after the dot com crash (and then bemoaning the slightly less ultra-easy policy in 2004), he was oblivious to the distortions all that money and credit creation were causing (the housing bubble was already raging in 04), and to the problems they’d eventually cause.
Now he’s doing it again. This time around, our own currency is at risk. I agree that no dramatic consequences have happened yet, but I believe they are baked into the cake and that Krugman-esque policy will eventually be looked at as a giant, tragic mistake.
