Of course we won&#x27;t see deleveraging from countries. It&#x27;s just not important at all for countries having their own currency, or a currency-issuing central bank that is committed to that country&#x27;s health.<p>As far as debt levels, talking about debt&#x2F;gdp ratios by itself is not meaningful. What is important is how expensive is debt servicing, and the current rates are about as low as they have ever been.<p>As far as inflation goes, look at TIPS spreads: they predict having very small inflation for many years. To expect high inflation is to think one is far better than the market at predicting the future: If you are the one person in the world that can really do that, riches await you.<p>And finally, savings won&#x27;t be wiped out, even in that scenario you describe. There are plenty of ways to keep wealth safe to every risk you mention, if you really believe in it, in exchange of far worse performance if the fears are imagined. If they become more likely, we&#x27;ll see a shift in assets. We&#x27;d need a world war, a zombie apocalypse or an alien invasion to wipe out the wealth accumulated by a generation.