That is one tortured article to illustrate an obvious point.
Overly loose monetary policy leads to asset bubbles.
But when those asset bubbles burst, you MUST pursue loose monetary policy.
The Fed in the 1920’s was overly loose, and then insanely in the 1930’s was overly tight.
The Fed in the 2000’s was overly loose, but after the crash became appropriately loose, to prevent the crash from becoming a depression. Yes, they caused a lot of the problem in the first place, but at least did not compound it as they did in the 30s by tightening at the worst possible moment.
Kensian economics has failed everywhere and every time it has been tried.
BTTT!