These demographic figures - both their severity and their broad, global reach - are why I believe deflation and not inflation is what we should expect from our

These demographic figures - both their severity and their broad, global reach - are why I believe deflation and not inflation is what we should expect from our economies. I don't doubt that in the near term all manner of inflationary paroxysms will be employed in a desperate attempt to stave off this inevitable result ... but the big picture, globally, is deflation.