March 21 (Bloomberg) -- In recent years, monetary and
fiscal stimulus across the world have led to the assumption that
serious inflation, if not hyperinflation, is on its way. I
believe chronic deflation is more likely.
The expectation of rising prices is reasonable. Most people
have only experienced inflation. The last meaningful episode of
deflation was in the 1930s. That’s also the last time the U.S.
was truly at peace. Deflation is a peacetime phenomenon.