Krugman is being unfair to monetarists. I do believe they have won, despite their deficiencies. Anyway, watch out. It might be too late, as Krugman says.
About the Author
Miguel Navascués has worked as an economist at the Bank of Spain for 30 years, and focuses on international and monetary economics. He blogs in Spanish at: http://http://www.miguelnavascues.com/