here's something you may not know about;  Back in the Great Depression, the US Took the hardest hit across the world. Yes it was a world wide depression but the US was hit the hardest, it was much more mild for the UK, why?

It's because of Deflation: The US was the number one exporter of goods back then, while the UK was more of an importer like we are now.  Because we were the largest exporter we had all these factories with huge capacity.  Deflation comes in when you now have all these empty factories that cannot ship, and all that excess capacity is hugely inflationary.  

Basically importers were hurt less than exporters.

Contrast that with what you have today: Today it's China that has all the factors and all that excess capacity - they will be hit the hardest in a world wide slow down because of all that excess factor capacity, whereas the US is mostly an importer kind of like the UK was back in the 1930's that was not hit as hard as the US during the depression. Basically China should get hit much harder than the US in such an event. and of course I'm even discussing the Chinese housing investment market with all those millions of empty condos