fiscal expansion with that markets -- see markets, then i could the could be a case for monetary seeingngwe are not a surplus of safe assets. we are seeing a shortage, so i prefer to see more fiscal expansion and debt finance been helicopter money. joe: in the paper you wrote , you helicopter money suggest that the enthusiasm is based on a fundamental misunderstanding of how money isks, how fiscal policy sterilized, as you put it. explain what people don't get about money. >> it is pretty natural to think just like in a household, where do i get my money from? i can borrow it, earn some money, then i can spend it. governments don't work like that. if you think about what money is, it is an iou in a government system. when they borrow money, they are that has already been taken out of circulation. similarly they can tax it out of circulation. when you think about why you might want to engage in monetary financing, that is to say to not try get back out of circulation, you can think that makes sense if there is no threat to monetary stability or inflation, but thinking about money this way