> I see the possibility of deflation as extremely small. Which is good, deflationary pressure is devastating. The low prices that occurred during a deflationa

> I see the possibility of deflation as extremely small. Which is good, deflationary pressure is devastating. The low prices that occurred during a deflationary phase look appealing after-the-fact. But the cause of those low prices were the fact that nobody could afford anything close to market price for assets. Inflation slowly erodes purchasing power, but deflation completely erases it. People who've lived through the GFC remember why houses, cars, and stocks where cheap: because your income could go to zero at any time. Even if you had the money now to buy something, that wasn't prudent. The phrase of the era was, "cash is king."