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Steve Keen votes ‘Ice’

The debate between Fire (inflation) and Ice (deflation) has been going on for months now.

Everyone is missing the reality that there is bi-flation: deflation in previously over-leveraged asset markets of all types; inflation in essential consumable (but non-renewable) commodities such as food, water and gold.

Steve Keen presents the most cogent argument for continued asset price deflation here in his most recent piece on his blog.

But he assiduously avoids discussing food price inflation or the gold price.  I wonder how these anomalies fit into his worldview?

Perhaps they don’t…

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