This would mean 18 months of economic weakness for the world economy, and be classified as a recession like those of the mid 1970s, early 1980s and early 1990s. The Australian economy has got through the first half of it in reasonably good shape considering the circumstances.
There is no consensus that monetary policy (or debt management policy) should assume the kinds of roles assigned by the authors. In particular, policymakers are addressing the problem of private money creation through an array of regulatory initiatives.