•  Third, for many years, the banking sector could not reach all the corners of the country – it was expensive to erect branches – now, with this new innovation, they do not have to – they only need to look out for the appropriate agent.
Third, whereas fiscal stimulus leads to higher taxes down the line, the combination of zerobound interest rates and QE is an immediate tax on savers, who in effect finance the stimulus. This tax on savings should induce people to consume and invest more, and save less. But with impaired balance sheets, they are possibly saving even more.