Deflationary Spiral

From WSJ: "Finally, don’t ignore the possibility of a deflationary spiral. The conventional wisdom is that the Fed’s huge balance sheet will push on price pressures at some point. But other forces are working in the opposite direction: further write-downs of European sovereign debt as well as possible write-downs of U.S. consumer debt, the competitive devaluation of currencies and an aging population could combine to exert deflationary pressures in the economy."