Hmm, lots to ponder here. I remember visiting our exchange student's baseball factory in Costa Rica in '02. The owners were about to move to China, since Costa Ricans were a threat to "unionize". I wrote an article about the price and "inflation" effects of globalization:

https://scottvern.medium.com/has-inflation-been-defeated-or-redefined-ae08e6840ab0

The punch line is, I couldn't see how wages hadn't kept pace with prices via the globalization boogeyman, as Chinese-Walmartization etc had dampened many consumer prices.

I guess long story short, we get excited, irrational, run up debt and overheat the economy (inflation), then we crash, get depressed, hang onto money and go into recession (deflation?) then the cycle repeats. Moving stuff from China to Vietnam etc may raise prices 25% or so, but still cheap.

As you said, this is like the 30s in many ways (nationalism, possible worldwide recession). It seems WW II brought US out of tailspin much more than New Deal. We can hope it works that way again...the West (now buried in debt) wins the Cold War, moves business away from rogue countries, the US retools and people buy our brand again as we're the winners, we've cornered markets, and people believe in us. Let's hope that if this happens we act responsibly to address hunger, justice, and environment.