Preaching free trade is one thing, but once you announce a policy there are those that figure out how to make it unfree while saying it is free! All policies have responses, some that follow what is expected from the policy and others that do the opposite.
Liberalisation of the financial markets went too far and became something other than mere liberalisation. Unleashing! MORE LIKE!
So Krugman is correct, but the writer of the following words defines the hazards of forecasting policy outcomes in any situation!