Le papier de Blumen compte 5 points, comme rapportés par Jean Dupont:
https://www.lewrockwell.com/2005/11/rob ... -or-fraud/
(1) The first of these tools is to expand the menu of assets that the Fed could purchase through its open market operations.
(2) If the above methods were not sufficient to "simulate aggregate demand," the Fed could loan money into existence, accepting as collateral almost any private sector asset whatever
(3) Don’t worry, say the Bernankeists, we will print the money and distribute it. ( conducting “money rains.”)
(4) The next weapon in their arsenal is to make money pay a negative rate of interest.
(5) If "aggregate demand" has not been sufficiently stimulated by the above measures, the Bernanke Fed stands ready to play its final card: the direct monetization of goods and services.
(5) If "aggregate demand" has not been sufficiently stimulated by the above measures, the Bernanke Fed stands ready to play its final card: the direct monetization of goods and services. From the same paper, under the heading The Goods and Services Solution, we read:
Why not have the Fed just conduct an open market purchase of real goods and services? Even more so than exchange rate intervention, this strategy would represent a direct stimulus to aggregate demand.
As posed, though, the strategy has a major drawback: it violates the Federal Reserve Act. The Fed isn’t authorized to purchase goods and services, apart from those needed for the operation of the Federal Reserve System.
The strategy can be implemented, however, by coordination with fiscal policy-makers. The Federal government, for example, could purchase goods and services and finance the purchase with new debt, which the Fed in turn would buy — in technical terminology, the Fed would ‘monetize’ the resulting debt.
By coordinating with fiscal policy, the Fed could even implement what is essentially the classic textbook policy of dropping freshly printed money from a helicopter.