Cecchetti & Schoenholtz do helicopter droppings

Cecchetti & Schoenholtz are the experts, I guess, and use textbook definitions to describe the process of helicopter money.  :Let's excerpt:

Now, there are three problems with this thought experiment Helicopter droppings] . First, transferring funds to households is what fiscal policymakers do, not central bankers. The latter issue central bank money to acquire assets.  

No, Ben Milt assumed the Fwd was completely independent of the fiscal authorities, hence the use of 'helicopter'

Second, except when interest rates are at the effective lower bound (ELB), monetary policymakers today control interest rates, not the monetary base (or another monetary aggregate).  

The currency bankers controls the short term deposit and loan rates, controls them always, as long people use the money for pricing.  There is no Zero Lower Bound.  The current short term rate is the five year rate, at 1%.  It looks like lower bound because most of the monetary reserves are waiting for DC to get out of its jam, and that now looks like another five years.

The author means hyperinflation, what happens when money is mostly used to cover government obligations.

So how does the balance sheet change?

Consider the Fed simply created 300 million accounts, one for each social security nuber, and put $1000 of digits in that valid account.  In its balance sheet would appear a total Fed loss of the amount so deposited, an actuarial loss and it is a debit against seigniorage.  All is balanced, and the Fed owners get less draw in the future/.  But, ripping off the Fed owners is not a problem, the assumption in  Ben';s metaphor is that helicopter dropings and Fed losses are the normal risk, and any fool who buys shares of Fed should know that.

Cecchetti & Schoenholtz mis-construe Ben,Milt.  Milt was talking about a new technology of central banking, a technology in which the Fed is completely independent, a robotic, bi-directional ,  simply working the velocity equation of money in a savings and loan model. The helicopter flights happen when the Fed occasionally marks to market and accepts currency gains and losses.