Responsibly Expand the Monetary Base Before It Is Too Late

This article was first published by me at Talkmarkets: http://www.talkmarkets.com/content/economics--politics-education/responsibly-expand-the-monetary-base-before-it-is-too-late?post=93323&uid=4798 According to Batman: "Better three hours too soon than a minute too late." Unfortunately, the Federal Reserve Bank has never taken that advice. One hopes that someone will get serious about the expansion of the monetary base since GDP is slowing in the face of inflation that is not raging. You want fiscal responsibility? Then understand and promote the concept of helicopter money as it was meant to be. It may prove to be more responsible than Paul Krugman's slight of hand Keynesianism, and more responsible than John Cochrane's fiscal instability views, both discussed below. They seem to push for diminished fiscal credibility as policy because they know you can't default on your own currency. Compared to those guys, Lonergan's helicopter money p