Is Demand Going to Crater?

The only way I could see demand cratering completely would be in a deflationary depression. In the past at this stage of the cycle something will already blow up that would have something like a global financial crisis happening right somebody's going bankrupt major high profile things happening clear crisis and the Fed would quickly pivot in every other direction. But paradoxically this is going back to the beginning of the conversation we talked about systemic risks especially in the US they seem to be not so much systemic risks and that's why I think we're going into depression.