“Helicopter money” '(a metaphor used by Milton Friedman and Ben Bernanke) is the term economists use for an aggressive form of monetary stimulus — the government’s power to print money — to try to spur growth and get inflation higher. It is a policy that has echoes of some of the great catastrophes of economic history. There had beenbuzz that the Bank of Japan could move in that direction, but it elected to take only a smaller action. Regardless of what the Japanese central bank does, if the global economy’s deflationary doldrums continue expect the discussion around these metaphorical helicopters to get louder. They say desperate times demand desperate measures. Helicopter money is what monetary policy desperation looks like. It is a safe bet those in Europe and the United States will be watching very carefully.'