I agree with you, I think the deflationary effects of technology are vastly underestimated. Have a look around at what technology is doing day-to-day to consumption and costs and it should be obvious, and yet talking heads still expect CPI inflation.<p>We just got a nice patch because of China&#x27;s malinvestment stimulus but now they are forced to rebalance regardless of Xi. The commodity supercycle is over and that&#x27;s bad news for many countries (not really the US).