Nice graph ;) although majority of people don't make their...

Nice graph although majority of people don't make their decisions on long time frames. Spanish flu, great depression, cold war, dot com boom and gfc all happened within your graphs time frame. However, majority people wouldn't recollect those let alone events and lessons from those.

I guess all I am saying is we are in demand shock phase at the moment which is super deflationary. In the end we'll swing towards supply shock and inflation but I don't see it starting to happen until at least after US election.

Demand shock in my opinion will come when all major indebted countries currencies devalue against the likes of yuan. Imports will become very expensive. Those countries will also move manufacturing back from China as part of decoupling. That's when I think we'll see real inflation that bites everyone's ass on a daily basis.

Agree with you on all other points