Isn't the whole critique of current policy that monetary policy is not sufficient to encourage progress in the face of persistent inadequate demand? When interest is essentially at zero, and all of the 'job-makers' don't seem to have anything productive to do with the giant piles of cash that they are already sitting on, you need a different approach. Such as the state stepping in and jump-starting the demand engine with large, productive public projects. And, one way or the other, forcing some of those cash piles back into the economy again - Which has the secondary positive effect of reducing all of the asset speculation and bubble-making that accompanies all that idle cash being pumped around hunting for some sort of return on investment.