When broad money contracts, the price of everything falls. And when people reduce leverage en masse, broad money contracts. And when uncertainty across the markets spikes, people reduce leverage.

This PROBABLY won't extend to consumer goods due to the price effects of tariffs. But it could if the feedback loop gets going, at least until the money printer goes "Brrrr" to fill the hole, AND the fiscal policy pumps that money into the real economy.

Without that second part you just get a repeat of the 2010s.