With Apologies to Prof Reynolds: We Are In the Very best of Hands

In talking to you, dear readers, about the Debt Theory of Inflation, I mentioned that one of the appeals of the theory, at least to my mind, is that almost zero of the ruling elites believe in it. 

Believing in the right vs. the wrong theory is just one issue.  A second issue is one of competence and execution.  The Fed is wholeheartedly committed, ideologically, to activist monetary stimulus.  But are they capable of the practical execution of this theory?  This confessional tell-all in the WSJ does not inspire confidence.  Money tidbit:

In its almost 100-year history, the Fed had never bought one mortgage bond. Now my program was buying so many each day through active, unscripted trading that we constantly risked driving bond prices too high and crashing global confidence in key financial markets. We were working feverishly to preserve the impression that the Fed knew what it was doing.