Right, that would destroy the value of the property people have already earned and somehow managed to keep. That would be wrong.

If you want jobs, let people accumulate capital and invest it how they like.

Actually, if what he says is true (and I'm reading it correctly), then the Fed can print lots of money, lend it to the US Government so that they can pay off the national debt... but then the US Government owes the Fed, and we're kind of right where we started, except with a good deal more money in circulation.