Israeli statesman Abba Eban said, ‘Men and nations behave wisely,’ when they have exhausted all other resources. Imagine if our economic policy makers listened to Paul Singer instead. Mr. Singer, 78, is the founder of Elliott Management and one of the world’s most successful hedge-fund proprietors. Prior to the 2008 financial crisis, he attempted to alert investors and public officials to the dangers of subprime mortgages. In the 15 years since, he has repeatedly warned that the landmark Dodd-Frank Act of 2010, and expansive monetary policies on the way, were inviting disaster.