We are now five years into a crisis that just doesn't want to go away. Policy makers continue to throw whatever policy tools they have at the crisis. Meanwhile, investor anxiety about the inflationary implications of such policy moves continues to grow. Hence we re-visit the old inflation vs. deflation discussion we first opened in 2009 and conclude that high inflation is not at all the most likely outcome of this crisis. This doesn't imply, though, that the outcome is good. Far from it.