Here is a chart showing how the Fed has increased the base money supply:

But more than tripling the base money supply, printing more money in just the past five years than the Fed had done throughout all its years of existence prior, isn't nearly enough money printing for Paul Krugman, who cites Japan's inflationary monetary policy under Shinzo Abe and states that the next Fed chairman "needs to pull his own version of what Abe has pulled off in Japan, saying and doing things that shock people into realizing that he isn’t going to be the conventional-wisdom guy they expected".

His advise to the next head of the Fed is: "What this economy needs is a monetary shock — and if you don’t do it right away, you probably won’t get a second chance."

Remember that when the next bubble bursts and the economy is plunged into an even greater financial crisis that will make the consequences of the collapse of the housing bubble look like a walk in the park.