BNP presents a soft and typically irritating target

Here is yet another piece going after an advocate of helicopter (H) money.  I realize I repeat myself, which is why this goes straight to the website with nary an email to clients.  And because this is long very familiar to you, I will make this public to the extent I can.

I admit that this particular piece and others like it are motivated more by personal than professional considerations.  This H money nonsense and the extent it attracts amateurs is indeed irritating.  Hell, maybe my reactions are too! 🙂

But tagging on at the end largely for show, there is a practical implication. The absence of a reliable backstop from H money or the like is well recognized by policy makers and will tend to keep them dovish, relative to what would otherwise be the case.

To say H money is dumb is not to be hawkish.  The opposite, actually.