Thus, if there is a new Asian crisis, it is arguably due to the Fed’s QE, though Krugman attempts to dodge this by saying they were just doing their job.

However, as I wrote in Models.Behaving.Badly (books.google.com…), Krugman and Wells once attributed the 2007-8 crisis to the Asian currency crisis of 1997.

According to Krugman and Wells (www.nybooks.com…), the crisis of 2007-2008 was caused by the global savings glut. That was caused by the Asian currency crisis of 1997-8, which stimulated Asian countries to avoid a repeat by running net surpluses rather than net deficits.

Thus, we have come full circle.

As I wrote in Models.Behaving.Badly directly beneath the previous quote:

But what caused the Asian currency crisis? And what caused whatever caused that? This is a good example of what Spinoza would call an inadequate explanation

You pays your money and you takes your choice.