There’s a difference between pumping the brakes and throwing a grenade into the fuel tank. A large scale economic collapse would be devastating. The world economy is so interdependent now that even minor disruptions cause problems.
I’m all for pumping the brakes, but we either need to stop gracefully, or have an alternative to jump to.
So how do you see deflation going then? Particularly deflation of the defacto reference currency for most of the world?
As far as I can tell, it would make the disruption of covid look like a minor market blip. And that’s without looking into how the various chain reactions would play off and amplify each other on the global stage.