It's pretty clear that the tool set central banks' disposal is rather limited. What they can do is like pushing with a rope. The financial system is sophisticated enough to be able to absorb any amount of monetary stimulus. This is pretty horrible for Main Street but as a crypto investor I'm not complaining as the extraordinary amounts of monetary stimulus has forced institutional investors to find new investment vehicles which as led them to the crypto space.

The only thing that would make a difference is helicopter money delivered directly to consumers. We haven't seen that, yet. Has any country done that, yet?