Four years on from the great crash of 2008, world governments and central banks have managed to prevent a 1930s-style debt deflation. They’re still shovelling, but so far so good. However, the question still hangs there: has deflation just been postponed, or will we end up with the opposite -- inflation?

The actions of governments, now exhausted due to lack of money, and central banks, still printing, have led to sovereign debt levels that are way beyond serviceable and central bank balance sheets that are, to put it politely, experimental.