The crisis was not foreseen by most forecasters, although there was a minority who had been warning of a pending disaster for some time. The failure to forecast the “Great Recession” caused the Queen of England herself to ask why it had not been foreseen.
11  Caroline Freund, “Current Account Adjustment in Industrialized Countries,” Board of Governors of the Federal Reserve System, International Finance Discussion Paper No. 692, December 2000. 12  Less than 10 percent of aggregate U.S. foreign liabilities are currently denominated in nondollar currencies. To have your currency chosen as a store of value is both a blessing and a curse.