First, what the Fed's already done: pushed interest rates to zero and expanded into "unlimited" buying of assets, now reaching to corporate bonds and local government bonds. These bring the same concerns we had in 2008: trillions in new money to dilute the spending power of current savers, along with the risk of "moral hazard" where government covers the losses for corporate, and government, irresponsibility.

What's more concerning is what the Fed might do next. Proposals are floating up for four very corrosive measures:

negative interest rates;

 directly subsidizing bonds;

writing Fed checks for corporate equity or for a universal basic income up to $72,000 per year;

and letting poor countries effectively print their own US dollars.

All four may be bonkers, but they carry significant political risk, because they enjoy support not just from the redistributionist left, but also "business conservatives" happy to raid our future to make their pain stop.

Why bonkers? Even champions concede that negative rates would need compulsory rules such as declaring worthless all serial numbers ending in zero, or forcing Americans to use "crypto" dollars that automatically devalue. Subsidizing bonds by targeting interest rates would permanently suck capital from the private sector into unlimited local government spending. Buying corporate equity risks turning every business in America into a government-run entity, a road Japan is already well along. Meanwhile, printing up $72,000 per family per year, or letting Guatemala print US dollars at will, is the kind of thing one expects from crash-the-dollar Bitcoiners, not from Congress and central bankers.