Economists who understand credit cycles expect the current cycle to enter its crisis stage at any moment. Furthermore, it combines with increasing trade tariffs between the two largest economies to echo the conditions that led to the 1929-32 Wall Street crash and the subsequent depression.
With the dollar tied to gold, there was no doubt about how the collapse in demand affected asset, commodity and consumer prices ninety years ago. If the turn of the current cycle leads to a similar outcome, it is unlikely to be properly reflected in official statistics for GDP.
This article explains why GDP is a statistical fallacy, and the use of an inflation deflator is not only inappropriate but has been manipulated to produce an outcome that wrongly attributes success to monetary policies. Therefore, if an economic slump follows the coming credit crisis, it is unlikely to be reflected in these key government statistics.