Deflationary Quote for the Day
Credit contraction dwarfs debt monetization, leaving us in a state of net contraction, even though we have just experienced a large rally lasting months, which should have been the most favourable condition for reigniting lending if such a thing were in fact possible. I would argue that it is simply not possible and that deflation is inevitable. –Stoneleigh
Read the whole (long, brilliant, and scary as hell) interview over at The Automatic Earth.