The only globally sane option is austerity, to balance the monetary reality with the physical reality. If you really have only ten cows, it does not matter whether your bookkeeping says you have 100 or 10000. You still only have ten of them. Unfortunately it is only winning move if all governments implemented it simultaneously, without any of them defecting.
Artificially stimulating economy is massively beneficial for the defecting greedy governments (ie. most of them), at cost for all those whose budgets match physical reality. This makes austerity always the losing move for the few who do implement it (think Greece).
The probable end result on the current path is massive unemployment and a nearly total economic meltdown or reset.
Tragedy of the government commons.