Debt, Disruption and Demographics, major catlaysts for global deflation

The cyclical fallout from the Great Financial Crisis and the secular deflationary "D's" of excess Debt, tech Disruption, aging Demographics have been the major catalysts for global deflation.

Minimal deleveraging since the GFC and a large debt overhang remain impediments to nominal growth, global debt as a % of GDP actually rose from 162% in 2001 to 211% in 2013, an all-time high.

Technological innovation and disruption are driving many goods & service sector prices lower (rent & health care are two important exceptions) extending humanlife and the propensity to save, fostering wage and job insecurity.

"The size of the working population of the developed world peaked in 2011 and will fall from 833 million to 799 million by 2025, putting downward pressure on potential growth and inflation. And by 2050, the world's "Silver Generation" will increase by 885 million people, many of whom will save more in anticipation of old age", says Bank of America.