America is locked in deflation. The Fed has ballooned the M2 money supply by 9.3% in the last year and M1 is up a whopping 16% (June to June) and we’ve gotten a lousy 2%-range GDP growth rate. Or, in other words, systemic deflation is probably somewhere between 7.3 and 14%.
~ George Ure, Urban Survival, July 13, 2012
