Yes, the fear currently is stagnation and deflation, but that won't last forever.

It has lasted for 40 years of this deflationary super cycle. So why do you see the trend stopping?

When that happens we will be awash in liquidity with only a few real items for that money to go into.

Really? What are those few "real" items? Aren't we seeing more things to spend money upon especially since you point out that things are going digital? For example, music use to be physical but now is digital. What is the potential inflation rate on recorded music?

How about rockets? Are those on the list? What about the internet of energy? Virtual reality? How are things inflating when more of the economy is becoming "as-a-service".

While there could be bouts of inflation in certain sectors due to supply issues, the overall trend will remain deflationary pressure.