A proposal for real coronavirus "stimulus"

On March 12, the New York Federal Reserve announced a $1.5 trillion injection of money into the U.S. financial system. Three days later, it cut its benchmark interest rate to zero and announced it would be buying at least $500 billion in government bonds and another $200 billion in mortgage securities.

The Fed is returning to a policy of "Quantitative Easing" in response to the COVID-19 panic. The...