If we have deflation, it will not be for long. Our present political class will spend their way out of shortages, and that will certainly lead to hyperinflation after a year or two.
Hilary is kow-towing to China right now. She is making promises to them the the US Treasuries they buy will not be wiped out by inflation. The Chinese and others will remember if they are betrayed on such promises and will render judgment on the USD via the markets
This will force us to abide by no hyper inflation policies even if we stray and start to cheat
I predict 3-5 years of stable prices or deflation accompanied by low economic activity..... We just had our inflationary blow off with all commodities crashing. This went on since September 2001. You have to give time for the pendulum time to swing to the other side (deflation) before another inflation is feasiable
"The Reckoning" also says the crash (we are in right now) will be a deflationary one due to the markets rendering instant judgment on the USD if we try hyper inflation
FWIW a deflationary depression preserves social coherence better than an inflationary depression