Better or worst way to print money?

Comments on Ricardo Caballero “A better way to print money”, 1/09/2010/ http://www.businessspectator.com.au/bs.nsf/Article/treasuries-bernanke-federal-reserve-bonds-fiscal-p-pd20100831-8U4HZ?OpenDocument&src=rot
A rather old and stupid idea, dressed up as a good way!

Why not abolish all taxes and just print money for the Treasury!?

It is laughable by any standard!

Where did it come from? An economics professor from the US?

It cannot be more interesting, or stupid, should I say!

PS: The following is some extract of Caballero's article:
Instead, what we need is a fiscal expansion (e.g. a temporary and large cut of sales taxes) that does not raise public debt in equal amount. This can be done with a “helicopter drop” targeted at the Treasury. That is, a monetary gift from the Fed to the Treasury.

Critics may argue that this is simply voodoo accounting, as it is still the case that the consolidated balance sheet of the government, which includes the Fed, has incurred a liability. But this argument misses the point that the economy is in liquidity-trap range, and once this happens the system becomes willing to absorb unlimited amounts of money. In this context, by changing the composition of the liabilities of the consolidated public sector in the direction of money, the government gets a sort of “free lunch.”