The idea to fund productive investments with new money is called the “Real Bills Doctrine”. This was a popular idea in the early part of the Fed’s existence, and may have contributed to the Great Depression.
The basic problem with the Real Bills Doctrine is that it leads to procyclical monetary policy. If monetary policy becomes more expansionary when investment is increasing, then it will tend to be more expansionary in booms than in depressions. In fact, monetary policy should be countercyclical—trying to smooth out the path of NGDP over time.
When Keynesians call on the Fed to accommodate a Congressional push for fiscal stimulus, at a time when unemployment is 5%, they are (unintentionally) bringing back the Real Bills Doctrine.
… tenemos excusa: esta tendencia a procrastinar -es decir, aplazar las obligaciones más de lo razonable- no es responsabilidad nuestra. La culpa es de nuestro cerebro.