Dopey, the reality is that I've been warning of deflation since 2007 - before the GFC. Australia's stock index is still 20% below its 2007 peak (the bear market rally since 2009 appears to be currently topping) and Australian property prices peaked during 2007 in real terms (while nominal prices appear to have peaked in Q1 2014). The next wave of deflation should be much more severe.
