The other article is by Simon Johnson and was published a week ago. Entitled “Finance Gone Wild,” it begins a little like one of those economics lectures you had trouble staying awake in. But persevere because there’s valuable ammunition in it.
They're companion documents to a three page missive sent by British economists to Queen Elilzabeth after she asked why no one saw the crisis coming. Like Krugman and Johnson they blame "a failure of the collective imagination of many bright people."
Is this a case of a Monarch wanting to know why so few saw the problems with the Emperor's new clothes?