The basic question here is "what happens if liquidity is too low"? Yes, you can't create Bitcoins out of thin air in this case. But you can create alternative assets to circulate which can temporarily completement Bitcoin.

The consequence would be probably that in such "liquidity crisis" episodes there would be probably altcoins being created and used for the same purposes than loans (main "money printing" mechanism in the fiat world) are used today. ICOs would ensure that companies could rise money, even if bank loans become more scarce.

In Argentina, there was a harsh liquidity crisis in 2001. People created an alternative currency (still mostly analog): the Crédito, and created a barter economy. This economy was temporarily so successful that despite of the recession, indicators like life expectancy and child mortality did not grow significantly. The Crédito later ran into a crisis itself and disappeared once the formal economy began to recover.