Real indication of what we should do? Well I can give you my slant. The current monetary tools date back to the depression. The Fed uses two tools: the Fed Fund

Real indication of what we should do? Well I can give you my slant. The current monetary tools date back to the depression. The Fed uses two tools: the Fed Funds rate and the secondary repo market. That was fine back in the day when banks drove the economy by making loans. (Remember 'It's a Wonderful Life' with Jimmy Stewart?) There were no credit cards then. No smart phones with internet access to your bank account. The world has moved on but the Fed has not. Banks have morphed into 'financial institutions' and they want to maximize their ROI. So any money they get from Uncle Sam certainly doesn't trickle to retail, rather it goes into equities markets. You get more and more dollars chasing fewer and fewer equities (I am simplifying here-there are a lot more financial tools than equities including bonds, REITS, bitcoin, the dark pools, hedge funds,etc). But the bottom line is you get 'equity inflation'. The money from the Fed needs to go to the people who will spend it. THAT is what an economy is - when people spend money to get goods and services. Now we have the infrastructure to do this. We need to give every taxpayer a Fed account. When the Fed wants to move the economy (and I mean the REAL economy, the place where people spend the hours of their lives) they need to get the money to the people who will spend it - the consumers. So they could make a monthly stipend to your Fed account. This Fed coin would have a 'half-life' encouraging you to use it before you lose it. Once spent, the actual amount is fixed. At the very least, we need to get a better handle on our 'gross financial product' as a separate and distinct measure from our gross domestic product. When I read that our GDP increased but we have more unemployment than ever, I think there is some financial trickery going on.