I think this line of reasoning conflates deflation caused by a massive deleveraging crisis and deflation caused by more of the economy jumping on the train of d

I think this line of reasoning conflates deflation caused by a massive deleveraging crisis and deflation caused by more of the economy jumping on the train of dramatic price decreases that the technology industry has always dealt with. Our global deflation problem is caused by too much debt. Debt can't increase faster than the economy indefinitely because it becomes impossible to pay back. But it had been increasing in that fashion for quite some time before the financial crisis. We're now living in a world where debt isn't growing at those fast rates, and central banks have been trying to keep the economy going without it. Central banks have kept the economy going by buying low-risk assets with new money, which makes the value of assets in general go up. They've also set interest rates to zero, which makes it attractive to borrow money. Asset holders feel richer and spend more money than they would otherwise. Investment opportunities become more attractive because it's cheaper to borrow money to take advantage of those opportunities. We get economic growth. These were reasonable actions for our central banks to take. But eventually, the actions of our central banks will need to be reversed. Low interest rates and quantitative easing in perpetuity will eventually cause inflation when the economy gets healthier, or asset prices will get too high for people to continue to expect future gains. This is why the Fed is planning on raising interest rates this year. The problem is that raising interest rates will cause people to stop expecting higher asset prices as well, and they will sell. Deflation in the long run is something to worry about, but it's strange for me to hear long term worries when we have more serious short term worries. How do you stop our extraordinary monetary policies without dramatically popping the asset bubble and causing the problems that our policies have been avoiding for six years?