Fiat Folly

With a little push, we could set it off
We can send it rocketing skywards
--Paul McCarney & Wings

The New York Times prints more than its fare share of drivel, but this recent article by business beat writer Floyd Norris is an eyebrow raiser against even by low NYT standards.

The basic message is that we should be thankful that the government can print money at will, as it routinely bails us out of problems.

Put your critical thinking caps on to dissect this piece. A few questions to ponder:

What is the cause of the problem that money printing aims at correcting?

How exactly does the Fed 'print money' today? Can the Fed 'print' unlimited quantities via this method?

What problems does money printing create down the road?

Does the author have his facts straight w.r.t. the effects of historical bouts of fiat money creation?

What is the logical extension of the idea that money printing solves all economic problems?

Is it possible to create something from nothing?