I agree completely. We’re still in a deflationary cycle, since the assets were valued far beyond what the market could sustain. Once we reach a form of equilibrium and velocity picks back up - hellllllllllllllllo Zimbabwe.
It's not just a monetary problem ~ with goods/services on one side and specie on the other. It's a productivity problem with vast improvements distorting the "normal market" everyone expects. Deflation does not necessarily drive up the value of money (so that not all prices change ~ vegetables, for instance, are still going up compared to historic levels) which means it's not strictly a monetary phenomenon like the Jimmy Carter Stagflation proved to be.
At the same time productivity improvement is selective regarding the products/services which are going to see prices slashed, or profits increased.
Zimbabweans can only hope and pray for some deflation of either kind ~ monetarist theory or productivity theory.