means for the future because another speaker at his recent conference was the deed lation wary hugh hendry and he laid out a case that what will likely preceded the event you while ity of inflation is actually the polar opposite a severe deep lation and the collapse of mercantilism asia style now this is been one of the more popular debates raging in the financial blogosphere going on at least five years now we talk about this a lot so let's hear our guests for you on that let's bring back jim grant founder and editor of grant's interest rate observer so mr brown where do you stand in your view on this inflation deflation debate. i think it might be a good idea to to really define terms it seems to me that the deflation is is a drain joint of debt if there's a debt crisis you can't finance you can't borrow you can't hold him in tory's therefore you sell stuff you can't hire therefore you discharge employees the sum total of these actions leads to falls and wages and prices that to me is deflation . what deflation is not seems to me is the reduction in the price the cost of producing things