The nation’s pre-eminent central planners just held their annual gathering at an exclusive resort just outside Jackson Hole, Wyoming and discussed how to interfere even more deeply in markets. In a speech entitled “The Federal Reserve’s Monetary Policy Toolkit: Past, Present and Future,” Fed chair Janet Yellen outlined why zero interest rate policy (ZIRP), purchases of toxic mortgage securities, and monetization of Treasury debt just aren’t adequate. Officials must add negative interest rates (NIRP) and purchases of even more sketchy assets to their “toolkit.”

Yellen has spent more than a year floating the idea of negative rates, so it is no surprise she is hustling the ludicrous policy once again. In fact, very little of what she said Friday is new. It was the usual mess of contradictions.

She started with a familiar trope about the economy being close to escape velocity. The Fed chair said she expects to wind down stimulus soon. She then followed by admitting the Fed is currently in a lousy position for handling the next crisis or downturn. Given interest rates are already near zero, officials would need to push them into negative territory. And they should consider buying other types of assets.

We also know from prior statements that Yellen views “helicopter money” as a legitimate tool, an extreme measure which entails printing money and dropping it directly into the hands of consumers.

Many question whether the arrogant and “enterprising” bankers at the Fed actually recognize some limit on what they can do. Regardless, Yellen didn’t specify what she had in mind so we are left to speculate. Maybe she thinks they should buy stocks. Or perhaps she wants to throw another life preserver to Wall Street by sopping up failing subprime car loans or bad oilfield debt.

If there was anything new and interesting last week it was an article by Jon Hilsenrath, who covers the Fed for the Wall Street Journal. It is safe to say he represents the establishment view. At long last, there are signs that disdain for the Fed is moving beyond the community of precious metals investors and free marketeers and into the mainstream.