Over the last two years, inflation has been a big threat. And for good reason. Post-COVID, all three levers – fiscal, monetary, and supply-side – were aggressively pushing prices higher. Governments ran massive deficits and spending programs to provide stimulus. Central banks pumped a tidal wave of liquidity into financial sectors. And supply chains were essentially locked down. But that was yesterday’s problem. . . Now, deflation – which is often overshadowed by inflation – is becoming the real threat. Especially in such a credit-driven global economy. And while deflation – aka the persistent decline in general ... (full story)