This is a speculative piece that is, by the author's own admission, a scenario rather than a prediction.

But it's unsettling because it somehow feels more plausible than most thought pieces on where all this is going. Not as a single big-bang, but a multi-year big-squeeze. That and the circumstances being materially different from previous recessions/crises that governments and policy makers won't have a ready-made playbook to refer to.

I expect we'll see governments attempting the old playbook than doing nothing though. Fiscal and, specifically, monetary stimulus.