And then again, some bears DO get it...

I could not recommend this piece on deflation by Rick Ackerman more highly: Trust One Asset in Killer Deflation. Once again, I will trot out the 2005 email exchange between Mr. Ackerman and yours truly for reference. The guy has been focused on deflation for years, long before it came to the fore. I do not necessarily agree with every word written here, but I do agree with the framework he lays out, especially with regard to treasury bonds. I also admire the true contrarian in Ackerman. He is a pro and he knows a hoodwink when he sees one, and the entire 'inflation bull' was a hoodwink.