...the prospect of recession under current conditions is truly alarming. The hesitant recovery of the past decade has depleted the conventional tools of macroeconomic policy. In many countries — not least the U.S. — fiscal stimulus and persistent budget deficits have boosted ratios of public debt to national income. Next time, governments will be reluctant to lean as heavily on extra public borrowing to raise demand, rightly or wrongly fearing lack of fiscal space. Monetary policy is all but exhausted too, with interest rates either close to their effective lower bound (as in the U.S.) or slammed down against it (as in the European Union).

https://www.bloomberg.com/opinion/articles/2019-10-21/imf-growth-forecasts-world-economy-is-stumbling-toward-disaster

Who will end up holding an empty bag?