Even in the depths of global economic despair in 2009 when we needed really aggressive monetary policy, the measures used and the quantum of money printed as Quantitative Easing was much too timid, and anyway it got stuck in the bowels of banks' balance sheets as excess reserves as they were all too terrified of lending money on to real people or businesses, as the policy intended.
Europe's Industrial Revolution did not only bring us the pleasures of pollution, but the welfare state too was a direct result of the then thriving economic climate. While its remnants are being methodically dismantled across the Old Continent as the blind belief in privatisation assumes evangelical dimensions, China, and the overall Asian continent, is investing in public spending.
Of the main three sectors in a developed economy (services, manufacturing and construction) manufacturing is the one to show the signs of a slowdown first. The reason is simple; retailers and wholesalers cancel or reduce orders in the face of slowing consumer demand and work instead from stockpiles of goods.