As for deflation, we shall see,
Agreed. One of us will be correct. It could be you - but I've spent many years developing my economics theory, which caused my to go completely to cash in January, 2007.
I also believe oil will eventually plummet, for what it's worth.
I also wouldn't be a bit surprised to see silver at $10/ounce.
Used to write an economic newsletter. Sadly lost a lot of great friends over it, since they were goldbugs and got angry when I wrote that gold and silver would retreat in price.
I know why the got angry, since I also used to be a goldbug until I sat down and really focused on what the very basis of modern economics is:
Labor
Specifically, the difference between "completed labor" and "the promise of future labor".
Our monetary system used to be based on "completed labor" until we started having our currency backed by Treasury securities.
Now, every single unit of currency (except coins, interestingly enough) is backed by debt (securities). Each security is a "promise of the future labor of a worker".
What does this accomplish for the global elites? Two things:
1) Our future labor is owned. We are economic slaves, controlled by our masters.
2) They can keep promising more and more and more and more and more (you get the idea) claims on future labor, since they're just claims. We're enslaved. Our kids are enslaved. Our grandkids are enslaved. Etc., etc., etc...
We must defeat that evil system and get back to our Treasury only issuing currency based on the "completed labor" of some type of project or effort - instead of it being backed by debt.
Of course this means that our nation's money supply would be limited by the total amount of labor that could be completed in a given timeframe - which would mean financial accountability, etc. Washington DC would hate it...