A recession or depression springs from 10% of the economy tanking. Quite a lot of the asset spend is non recoverable but a lot of ground assets, equipment spills into the worldwide marketplace.
Also, this $3t isn't all in the $33t US economy. If half of it distributed to other markets and the unwind is slow it, it might not be dustbowl 2.0
A recession or depression springs from 10% of the economy tanking. Quite a lot of the asset spend is non recoverable but a lot of ground assets, equipment spills into the worldwide marketplace.
Also, this $3t isn't all in the $33t US economy. If half of it distributed to other markets and the unwind is slow it, it might not be dustbowl 2.0
Wouldn't want to bet the farm on it.