I've heard a couple of similar calls, & some of his points are valid, but I don't buy the deflation thing - Ben still has his printing press & his helicopter, & the population of the world continues to rise. The only way deflation would happen is if there were some event that kills a significant percentage of the world's population, thereby driving down demand for everything. You can never say never, but I wouldn't trade on that.

I think there is almost no chance that we will ever revisit the March 09 lows, let alone go through them. We are clearly in a cyclical bull market within a secular bear since March 2000. Historically, secular bears last 14-16 years - so we are closer to the end than the beginning. IMHO, the most likely big picture scenerio is another year, or possibly even 2 of our current cyclical bull, then a couple of years of bear. The final bear will probably be the opposite of the 08 crash - a long, slow grind down where every bounce falls back, until everyone is in despair.

Then a new secular bull will be born.