> Now, all of the major economies around the world is tapped out with QE

Tapped out?

1. Kuroda and Draghi are merely taking a breather. BOJ and ECB balance sheets were still growing as recently as April 2018. SNB shows no signs of ending their relentless buying of the QQQs.

2. No global central banks are prevented from restarting QE or QE-like programs at any time of their choosing. The very second deflation again becomes a threat, you can bet your ass that Powell, Kuroda, and Draghi will step on the gas.

"Tapped out" implies limits to the volume of beer in the keg. Central banks have no limits. It is extremely trivial to begin printing money again if these governors/presidents will it so.