Third Great Depression (Ipsa Historia Repetit)

The Third Great Depression was a severe economic depression that took place during the early 2030s, beginning in the People's Republic of China. It mirrored the timeframe of the Second Great Depression, which occured during the 1930s, being proceeded by two stock market crashes (the Great Recession and Panic of 2020, and the Panic of 1907 and Depression of 1920-1921 respectively).

The primary cause of it would be the subsequent popping of multiple economic bubbles in China, causing severe economic downturn within the country, and as a result, the result of the world, primarily Europe and Africa, where China had important roles in their respective economies.

The United States was affected by this, and saw its own Stock Market Crash, but was not as harmed, due to slow but steady untanglement of its economy from and its reliance on China over the late 2010s under Trump and throughout the 2020s under Biden and Harris. Trade would be increased with major allies Canada, Mexico, and Japan, and as a result, their trade with China would decrease, and like the United States, would not be as harmed. They would not enter a depression as so many countries around them did, however, not everything was positive, they would see the occurence of a recession.

China
"Prior to the Third Great Depression, the People's Republic was constantly flirting with the ideas of fascism. This became apparent with the onset of the 2010s, and the rise of President Xi Jinping. Qirghinchilia, as well as his later handling of the 2019-2021 Coronavirus Outbreak would lay the foundations of the fascist state China would finally become. This was seen as necessary if China wanted to remain a global presence, arguably bigger than America." - Amy Yang in The History of the Second Cold War: Where It All Began, pub. 2089.

Europe
Amero-European relations were tarnished during the Trump administation, especially given that there was no aid given during the 2019-2021 Coronavirus outbreak and the Panic of 2020. However, they would somewhat improve during the 2020s, but Trumpian policy had left their mark. It would be best described as "Europe saw the US as that really good friend, who then backstabbed then, but wants to make up... that's hard." (Yang). European nations were now at unease with the US and each other, disunity was arise in Europe. As like with the US, they did not help others out in their financial situation (as they were one of the areas hit hardest by the Third Great Depression), many began looking to leaving the European Union as Great Britain had done so over a decade prior, and even to China, as a result of a lackluster response by the US.

Australia and New Zealand
Prior to the Third Great Depression, despite geopolitical alliance with the US, Australia and New Zealand had major economic connections to China and thus were seriously impacted. With the advent of it and seeing the US coming out relatively unscathed, they began to accept less imports from China and more from the US.