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The usual suspects issued dire inflation warnings; the Keynesian/liquidity trap types like me insisted that this was all wrong given current circumstances.
Although the country has recovered from the violence and dire inflation rates that plagued it in the early 2000s, Munro explained that whatever economic growth has occurred has not created employment for most people.
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The economy is in a dire way: inflation is running at 25%, as investors flee.
And remember those dire warnings about inflation and the "debasement" of the dollar?
But a study by Thomas Fazi of the Institute for New Economic Thinking emphasises QE's lack of influence on bank lending, the increase in non-performing loans, and the dire output and inflation figures themselves.
I know, government officials are not to be trusted and all that, but the truth is that Ben Bernanke's promises that his actions wouldn't be inflationary have been vindicated year after year, while goldbugs' dire warnings of inflation keep not coming true.
They've spent pretty much the whole past four years issuing dire warnings about inflation and soaring interest rates that keep not coming true; they cling to the belief that if only a Republican were in office we'd have a 1982-style revenery even though economists who actually studied past financial crises predicted the slow recovery in advance.
Many of the people making these arguments started with dire warnings about runaway inflation; but when inflation failed to materialize, they didn't change their policy views, they came up with new rationales for doing exactly the same thing.
All the usual suspects were issuing dire warnings about soaring inflation, and ridiculing the Fed for focusing on core inflation rather than headline changes.
But it would have dire consequences, both raising inflation and dissipating vitally important incentives for reform".
Taking a longer view, we've had dire warnings about runaway inflation for more than three years at this point.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com