It's a strange beast. At the end of the article, Noble says this:
"Given that their efforts have not yielded the desired or necessary results, what can they realistically do that they haven't already? The next thing is to give money to Main Street. That is, give money to the people instead of the banks.
Obviously puffing up bank balance sheets and income statements has only made the banks richer. Nobody else besides a very tiny and already wealthy minority has really benefited. Believe it or not, the central banks are already considering shifting the money spigot towards the public. You might receive a credit to your bank account courtesy of the Fed. Or you might receive a tax rebate for last year. Maybe even a tax holiday for this year, with the central bank monetizing the resulting federal deficits. Either way, money will be printed out of thin air and given to you. That's what’s coming next. Possibly after a failed attempt at demanding negative interest rates from the banks. But coming it is. This "helicopter money" spree will juice the system one last time, stoking the flames of inflation. And while the central banks assume they can control what happens next, I think they cannot.
Once people lose faith in their currency all bets are off. The smart people will be those who take their fresh central bank money and spend it before the next guy.
If I remember correctly, that type of scenario unfolded in mortgage banking back in the 1980s. Congress helped the S&L industry through its crisis by instituting a tax break that allowed banks and savings/loan institutions to write off losses against profits they had previously reported on tax returns dating back many years.
Who gave money to the banks? TARP had some pretty high interest rates attached. Overnight loans from the Fed weren't gifts either.
The Treasury made big profits on bank TARP. The Fed loans were repaid long ago.
Obviously puffing up bank balance sheets and income statements has only made the banks richer. Nobody else besides a very tiny and already wealthy minority has really benefited.
The only people who benefited were those who owned stocks or bonds or houses. Or anyone who refinanced their mortgage at a crazy low rate.
And everyone who likes a functioning banking system.