Some investors seem to believe that the rate of change of the Fed balance sheet expansion will lead to an era of inflation or stagflation. Charts in the subsequent section will demonstrate that this is clearly not the case. The near to medium term future is one of debt deflation. Due to joblessness and overall changes in consumer behavior stemming from the lockdown, there is simply not enough cash flows to service current levels of debt. This will lead to widespread defaults and persistent deflationary pressure until the cycle turns positive again or until the