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It's a quote from Paul Krugman of Princeton, who, during the last of his Lionel Robbins lectures at the London School of Economics this past June, said that he feared that most macroeconomics of the past 30 years were “spectacularly useless at best, and positively harmful at worst”. It was a comment on macroeconomic crisis of the past two years which is provoking a crisis of confidence in macroeconomics and those that speak for the field. World famous, esteemed macroeconomists have been taking a brutal beating because of what is viewed as their naive miscalculations at best, and inept bungling at worst of the past few years, as the world stock markets have slid and world economies are stalled.