Agreed. But ... can there be A Beautiful Deleveraging https://www.youtube.com/watch?v=wI0bUuQJN3s ? I don't think so. It is all a dynamic system. I think there will be no inflation for a while, and when it appears it will be massive and almost uncontrollable. It is hard to "trade" on it, because I could imagine even a decade of politicians and CBs struggling with a deflation, until they winds change, and all their efforts finally start "paying of" and we have a period of a very high inflation. Or alternatively ... a severe stagflation for a decade or two, where it is hard to pay mortgage (afford a new one) despite prices generally falling - because eating comes before investing.