レーガン政権で行政管理予算局長を務めたデビッド・ストックマンが、バーナンキのことをそう呼んでいる(H/T Mostly Economics)。

Ben Bernanke is one of the most dangerous men walking the planet. In this age of central bank domination of economic life he is surely the pied piper of monetary ruin.
At least since 2002 he has been talking about “helicopter money” as if a notion which is pure economic quackery actually had some legitimate basis. But strip away the pseudo scientific jargon, and it amounts to monetization of the public debt—–the very oldest form of something for nothing economics.
In any event, Bernanke was tilting at windmills when he implied that the collapse of the US wartime and Roaring Twenties boom had anything to do with the conditions of 2002. Even the claim that Japan was suffering from severe deflation at the time was manifestly false.
In fact, during the final stages of Japan great export and credit boom, the domestic price level had risen substantially, increasing by nearly 70% between 1976 and 1993. It then simply flattened-out—–and appropriately so—-after the great credit, real estate and stock market bubble collapse of 1990-1992.
So even by the evidence of Japan, there was no basis anywhere in the world for Bernanke’s fear-mongering about Great Depression style “deflation” at the turn of the century.
Instead, Bernanke was already showing himself to be a dangerous academic crank with no compunction about dispensing among democratic politicians the most toxic ideological poison known to history. Namely, an invitation to plunge the public fisc deep into the red so that the central banks would have bonds to buy in their fight against the purported scourge of deflation.
What Japan has experienced is financial asset price deflation, not a shrinking CPI. What actually lies behind the idea of inflation targeting, therefore, is the even more insidious doctrine of wealth effects. That is, the idea that by funding speculators to drive stock and bond prices higher, central banks can actually create lasting gains in real wealth and living standards.
So it can be well and truly said that rarely has a more insidious and destructive policy idea gained wide currency than has Bernanke’s 2.0% inflation target. The proof of the pudding lies in Japan——the misfortunate recipient of two decades of destructive advise from Bernanke and his propagators and assigns.


In fact, real GDP is currently heading for its fifth recessionary dip since the great financial crisis, and is no higher than it was in early 2013. Yet upon his victory in the upper chamber elections on Sunday, Prime Minister Abe announced that he will now double down on “stimulus”.
And this time he is making no bones about calling in the helicopters. Why even Ben Bernanke himself is on hand to help launch Japan’s final spree of monetary madness.
In fact, the whole point is that this $100 billion fiscal expansion package will be financed by an equivalent increase in bond purchases by the BOJ. That is helicopter money plain and simple.
It’s also fiscal and monetary suicide. Japan’s debt is so massive and has risen so relentlessly even as its population and labor force has started to shrink that this latest round of fiscal stimulus can have only one outcome.
To wit, the government of Japan will ultimately be forced to repudiate its debts to the BOJ. When that happens a terminal monetary implosion will not be far behind.
In the interim, Bernanke’s abominable doctrine of helicopter money may spread to Europe or even here. Already the universal adoption of its QE variant—-that is, helicopter money lite—-has made a farce of global bond markets.