1. 2008 recession was offset by both US Fed, PRC, et al. buying lots of UST and stimulating global economy.

2. 2020 was offset by US Fed buying tons of UST and USG printing USD. However, global economy cannot magically expand by 40% or whatever is required to balance that expansion of USD. Hence a persistent supply chain crisis.

In current geopolitical climate, no foreign state will buy lots of UST. US Fed is still buying lots of UST, causing a liquidity glut causing inflation. Global economy physically cannot expand at the necessary rate to absorb this inflation, so stagflation or financial collapse is the only way forward for America.