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<p>[QUOTE=&quot;V. Kurt Bellman, post: 2284528, member: 71723&quot;]You&#039;re right about one thing - people are paying off debt. And THAT is deflationary, by definition, just as an increase in borrowing creates new money and is inflationary, again by definition. If the Fed is NOT doing QE-something while the public retires debt, we will inevitably have a deflationary spiral, and that&#039;s Japan the last 25 years. Debt and &quot;morality&quot; have gotten all tangled up with each other, and no one realizes that retiring debt creates the NEED for QE.</p><p><br /></p><p>Like in much of economics, the proper path for the individual is precisely OPPOSITE of the proper path for the collective economy.[/QUOTE]</p><p><br /></p>

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