In despair, a new idea has surfaced: Helicopter money.
The idea is to directly give money to individuals, just like that as if it rained down from a helicopter. This bypasses governments, banks and any other possible middleman and puts a few hundred Euros directly into your pocket.
What would happen? Some will save it, albeit at almost zero interest rate or pay back debt they have. Many would spend a part or all on much needed repairs or replacements. Some would go on a larger holiday, some will buy a new washing machine, some will paint the living room.
All would spend a bit more, thus stimulating the economy. This stimulation has not worked well by making money cheap for companies, but giving to the most needy, the common citizen, it would work.
It would be a one-off basic income for all with no questions asked.
More spending would encourage companies to hire some more people, it would eventually lead to higher prices. Inflation, currently at almost zero would go up.
All this is called supply side economics: Pump the money and activity grows.
I think it is a good idea to boost the economy and it would make people a bit happy.
How to pay for it? Money is cheap now, the ECB is buying any government bond and also soon corporate bonds to swamp the marketplace with money. Stop that and put out the money to the people.
Would you like a check from the ECB?