The printing presses are running hot in the UK and the USA.
Are we in for inflation or deflation? Orthodoxy would have it that we are in for massive inflation, and people always point to the 1923 German hyper-inflation as proof. Printing money to pay off the Versailles settlement and other foreign debt after the French occupied the Ruhr.
Are we going to get deflation, following by inflation?
Or just deflation?
What is the real threat here?