A better measure of uncertainty

 The difference between savings and loans.

The Fed is trying to support a market size that does not exist.  This fools the economist into think it is a demand collapse.  Not really, it is reduction in the depth of our value chains,  reduced transaction rate as indicated by the seigniorage tax.  Using the seigniorage tax to rebalance makes it worse. In fact one can see that is never worked in the last recession, we never recovered the depth in our value chains.

The dollar would be high in expectation of more exports to the USA, replacing the goods production we shut down. A deflationary effect from ever increasing Fed Tax on the retail banking sector.