agreed. But, here comes a different assumption

If we assume that deflation forces have already disappear, CPI will have to go up.I know that in the economical book, it will never happen in this debt imploding environment. But the books always assume a close economy. But, we are now in a global economy. The total money in the world (or at least in the major trading partners) determines the real CPI. Chinese don't care if US people can't pay the debt.They have to increase exporting price. Given the salary gap between two countries is still big, there are lots of rooms. Shifting the importing partner takes time, and the sheer size of China (perhaps also India) can keep their products still cheaper than other small economies even they significantly increase the exporting price.