I know my crackpot ideas are unlikely to achieve much beyond a few subscribers to my newsletter, but increasingly I become convinced that the solution to all economic problems is "give free money to people."
We give lots of free money to people, actually. We just tend to give it to banksters. I saw some panicked stuff today about ZOMG THE FED BALANCE SHEET IS $3 TRILLION or something similar, which essentially means the Fed has created 3 trillion bucks out of nothing and purchased financial assets with it. That isn't precisely a gift, but it boosts asset prices, and most of us don't own many financial assets. Rich people do.
So Fed action of this type benefits the wealthy, with the vague hope it improves the broader macroeconomy.
Unless gastritis broke my calculator, 3 trillion fedbucks translates to about 10 grand in free money for each of us. I think I advocated the "mail every SS # holder a 10 grand check" at some point. Would be happy to hear from the Very Serious People why this would be worse policy. It's impossible to imagine it wouldn't be welfare enhancing. Tell me why if I'm wrong.
Speaking of free money... ahem!
