Thank goodness for Beltway “libertarian” think tanks that advocate monetary authoritarianism. Alan Renolds, of the CATO Institute, praises The Helicopter and his interventionist economics.

Lower interest rates have launched a huge mortgage-refinancing boom, and the resulting drop in monthly payments will have the same effect on household finances as a pay increase. Businesses, too, will roll over their debts at lower rates – a more pleasant way to pare costs than layoffs.

Link via Michael Barnett.