回复：classic case - money velocity slowdown,

higher unemployment rate,
deep recession,
assets devaluation,
rapid sell-off,
credit crunch – both to consumers and producers,
more personal and corporate bankruptcy,
… … and more,

contraction of demand, then supply,
contraction of real GDP,

It’s a positive feedback, triggered by rapid deleveraging and devaluation.
It’s a spiral called “deflation.”

What more do you not understand? Good ol’ Heaven bless us.