Imagine 2008 but 10x the leverage, + a housing bubble, a commercial real estate bubble, a private lending bubble and a stock market bubble.

“The US housing market is beginning to look a lot like 2008 — at least for homebuilders.” — Nick Gerli, Real Estate Analyst

https://www.newsweek.com/us-housing-market-looks-lot-like-2008-bubble-real-estate-analyst-2050142

China’s property slump this year is looking much worse than expected, S&P says

https://www.cnbc.com/2025/10/10/chinas-property-slump-this-year-looks-worse-than-expected-sp-says.html

China is the only major world economy where food prices are declining
byu/RobertBartus inEconomyCharts