Deflation, hmm.
That would be interesting with all the money the fed continues to pump in. The Treasury is going to have to sell gzillions of notes to pay for all this crap and I would think that eventually bubble in the money supply and what they have to pay to sell all those notes will start stagflation. I think stagflation has a better shot than deflation. Making printing presses for the Treasury maybe the only growth industry left. That and community organizing.
Keep in mind what has happened with all the billions already put into circulation...the dollar has risen internationally. Actual printed dollars are a small fraction of the money used in the global economy.
A couple of telltale signs will be falling prices for everyday goods and a large jump in unemployment.
In stagflation, demand for goods was always there. Money was available for borrowing, even though the interests costs were high. That is not the case now...there is no money to loan and demand for goods is going to drop tremendously. Pricing, jobs, and wages will fall accordingly.