Nobel laureate Paul Krugman took a victory lap on the pages of The New York Times in front of all who warned of impending runaway inflation from the Fed's massive monetary expansion. He did more than pronounce them wrong. He (a) labeled their analyses "unprofessional derp," (b) identified himself as one of a few who "correctly predicted" the Fed was not causing runaway inflation, and (c) identified the Keynesian liquidity trap as the culprit that has kept inflation subdued.