OK, lets consider monetary disequilibrium

The Everyday Economist gets into the debate about the debt channel, is it out of whack? He concludes:

If one is to advocate the Austrian position and argue that David [Beckworth] is wrong [about excess demand for money], the argument must take seriously the concept of monetary equilibrium and recognize that this concept was also at the core of Hayek’s thinking. Such an advocate would therefore have to explain why Hayek’s policy prescription was not consistent with the business cycle theory that he contributed so much to developing; or, alternatively, that we are not currently in a state of monetary disequilibrium.

Whatever Hayek believes, we are not in a depression because of a debt cycle, we are in a depression because of an oil cycle. So yes, if the Federal Bank of Oil can get oil velocity and quantity back to normal, then fine, issue more oil. Look here, I show the prices paid for less oil as risen, we are hoarding oil, we have an excess demand for oil, not money.