In the US and Eurozone economies, the huge consumer and real estate spending that produced the economic booms of the ‘80’s and 90’s brought about by the Baby Boomers is winding down. The baby boomers created bubbles everywhere; overbuilt schools in the 60’s and 70’s, money flooding growth investments in the 90’s and 00’s, all of the gadgets and stuff that filled the McMansions of the ‘80’s and ‘90’s are no longer needed by the empty nest retirees. Two cars go to one, the 4 bedroom 3 bath colonial goes to the 2 bedroom condo or country cottage, and snappy new suits and ties are not needed for a day watching the Weather Channel.
The only growth industries left in the US and Eurozone economies is health care and senior living centers. If businesses are still trying to get people in their 60’s and 70’s to spend like they did when those people were in their 30’s and ‘40’s, they are making a fools bet. There is your deflation and there is not a damned thing any central bank can do to stop it.
Which is why there’s a push for illegals. They’ll buy stuff.