I have no doubt that inflation is coming. Zero Hedge makes the case that it’s already here. Because of slowing population growth and excess productive capacity in so many sectors, I don’t think it’s 1970′s level of pain, but paper assets — including stocks, bonds and currencies — will subperform. Much of the deflation that we’ve imported over the past 20 years (from globalization and tech) is slowing. More importantly, the negative nominal interest rates and massive monetary printing will have consequences. The only question is when.