Stephen Cecchetti, please read this. I read John Maynard Keynes' (JMK) General Theory, 1936, and didn't realize what JMK was talking about until page 336 of his 365-page magnum opus when I realized JMK had taken old mercantilist fallacies and dressed them up with new terms. I don't believe JMK believed a word he wrote, but decided to give the US and UK governments a rationale to reduce real wages through inflation and money illusion.
I agree with MH and have long thought the Fed's "plan", which even Helicopter Ben does not understand, and will slide into, is to drive US inflation rates to 6-15% for a decade averaging 12%, with measured inflation at 4-6%, averaging 5%. After a decade of this, US prices will be 211% higher, with nominal inflation of 63%, greatly reducing Uncle Sam's real debt burden.