The PMIs suggest that global industrial output is collapsing. Global supply chains are part of this, but put simply if you have one part missing for a valuable product you cant produce it. Your output goes to zero. Thats worse than even 1929.
China ended their lockdowns starting 10th March yet by the end of April the Caixin PMI survey showed industrial output was still flattish/stabilizing, not recovering and supply chain disruptions were a key factor.
At the same time they are collapsing output, the governments via furlough schemes are trying to maintain demand via credit expansion...
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