Right now and since 2008, the fear has been deflation. Many people thought all the interventions then would lead to a bout of inflation of some level of severity, which never did happen. Deflation generally continued to be the challenge as interest rates stayed so low.

Declines in demand continue to be our biggest challenges now, not including certain things like toilet paper and paper towels, which I see generating some real anger in grocery stores from time to time. But right now, with fears persisting about the pandemic no matter what reopening policies are, I think demand declines are still the concern, so interest rates remain low. Recent talk is even about whether they should be negative, as they have been in Europe.

Could be a reckoning this time - just because there wasn’t after ‘08, doesn’t mean there won’t be over the next few years. The idea is to deal with the deflationary crisis now, and survive to deal with whatever ramifications may crop up later.