Well, we probably have….ad infinitum. And we are doing so again but not merely owing to today's abomination in the once and former Peoples' House, which thinks so little of its oath to defend the constitution and the rights of current and future taxpayers that it approved the $2 trillion Everything Bailout without even a roll call vote.

Then again, like the late night TV pitchman says – wait, there's more!

Consider the chart below, which surely the Fed heads have not. To wit, it took the Fed 85 years after its doors opened in 1914 to print enough money to fund a $600 billion balance sheet.

It wasn't exactly the Ohio State offense – three yards and a cloud of dust – which accomplished this. But it was pretty close – even including Greenspan's first years at the helm. Between the famous Treasury Accord in 1951, under which the Fed was liberated from Treasury-ordered yield pegging, and 1999, its balance sheet grew at a modest 5.2% per annum.