According to Krugman, in spite of the 'false alarm' sounded by the Austrian economists over the debasement of the dollar, inflation is still only 1.5 percent. "Who could have predicted that so much money printing would cause so little inflation?" he asks rethorically. "Well, I could, and I did," he boasts, "because I understand Keynesian economics that Mr. Paul reviles."
In any event, unknown to Krugman, I also predicted the same thing. Unlike Krugman, I did more than simply predicting that inflation was not the danger. I warned that Keynesianism would lead to deflation and depression. Money-printing has become counterproductive. Krugman doesn't understand that it will boomerang.