Yellen at the Fed

If The Telegraph is to be believed, the next Fed chair (whom the author of the piece, Ambrose Evans-Pritchard, seems to highly regard) is going to keep pumping.

After an entire article in which Yellen gets praised, the lead of the story is buried near the final paragraph;

So there we have it. The next chairman of the Fed is going to track the labour participation rate. Money will stay loose. Markets have been spared again. The Brics can breathe easier.

This leaves me deeply uneasy. We are surely past the point where we can keep using QE to pump up asset prices. My view is that emergency stimulus should henceforth be deployed only to inject money directly into the veins of the economy as an adjunct to the US Treasury, by fiscal dominance, as deemed necessary.

So despite all her supposed savvy and prescient skills, she's going to do exactly the wrong thing.  The article fills me with unease as much for all the misguided praise as for the correct conclusion.