From his Dow Theory Letters:
The bond market is now very close to saying, "We've had enough."
... Many older subscribers probably remember my lifelong emphasis on the POWER of COMPOUNDING. But what of the power of negative compounding on debt? I think we are about to find out.
The power of negative compounding will be brutal. The cost of carrying the world's debt (including the US national debt) will be devastating. It will be highly deflationary and it will crush everything in its path.
I don't subscribe to Russell, but I do try to follow his writings and thinking as best I can from the outside, and this is the first I've heard him mention deflation. Very interesting!
Here's what Russell had to say in early December about gold, the dollar, and the Fed's effort to re-inflate.