A naked short does not 'borrow' anything. If I was to naked short a stock, I would have the ability to initiate a sell order that is backed by nothing real and tangible. I would just sell into the market and gather the proceeds and disappear. I would never need to borrow.
As to your analogy, you have a skewed point that the federal reserve can increase the money in circulation by creating it out of thin air. But 'the intent' is quite different. It is not intended to defraud rather it is to regulate money supply amongst other things.
A naked short, other than allowed for specialists and market makers, has a criminal intent to defraud companies and investors.
I'm not sure you can equate or otherwise compare the actions of the Federal Reserve to naked shorters.
Naked shorting I believe is also a relatively recent phenomenon in stock exchange history, that is in terms of its broad effects. What I mean is that electronic trading transactions have made it much easier to naked short stocks without a trace. This is why it is important for Congress to address the capital markets as to naked shorting. It is much more prevalent today than at any other point in history because of electronic trading.
One is where you said a "..naked short... has a criminal intent to defraud..." I'm saying that "intent" is the state of a person's mind that directs action toward a goal --you didn't want to say that shorts could have intent. My point is that when permitted by law, it's possible for a broker to make a short position for a client without contracting to borrow shares ---AKA issue a naked short, and still have no intent to defraud. Of course, if the law doesn't permit it then 'intent' isn't even relevant.
Second, when the Fed lowers interest rates, anyone who borrows money, and uses the borrowed money as collateral for another loan is creating new money out of 'thin air'. With the money supply, the new 'thin-air' money is just as valuable as any other money, just as the shorted stock has the same price, value, and dividends as the original share. There could be a problem with non-monetary factors like say, voting power of the shares, but that's the kind of thing the SEC's regs could sort out.