How an economy like the US, with a rising population, youngish on average with one of the highest birthrates in the West, plenty of immigrants – both legal and illegal – arriving constantly and a government intent on stoking inflation with loads of printed and borrowed money, can possibly slip into deflation is beyond me.

Always remember, the deflation example constantly used by the media, Japan, is an aging country with a shockingly low birthrate, no immigration at all and with its population decreasing in actual numbers. The analogy is strained and, in my opinion, irrelevant.

By 2018 or so there will be blood in the streets.