Hoisted from Comments: Nick Rowe:
Can I Please Go Back to My Home Timeline Now?: I would never have believed it either. It was the one thing I was most wrong on (marking my beliefs to market). Easiest problem in the world to fix, I would have said, and the one that is the most fun to fix. You just get to print money, and spend it on what you want, or give it so someone else to spend on what they want, or lend it to someone to spend on what they want. Like a kid in a candy store with a big wad of cash: the only problem would be trying to choose what to spend it on, and not eating too much so you inflate yourself.
You have to print the "money" in such a way that you don't raise the precautionary demand for "money" by as much "money" as you print, and so it is not quite the easiest problem in the world--especially since we don't really know what is the best kind of "money" to be printing right now.
But, in outline and in general, yes. I still do not believe it.