I agree with your assessment about inflation being downstream of lost productivity and lost population, but in our system of debt backed fiat that *should* correct itself since credit also contracts. The problem is the steamroller of government spending continues irrespective of productivity, people lean on the treasury during downturns, and this leads to a snowball of inflation and further productivity and population loss. Nobody has more than a few kids when both parents need to work to live a "respectable" life. Personally, I don't pursue those standards and I'd rather invest in the next generation than worry whether I can impress the dumbshits, assholes, whores and bitches in the suburbs. Keto and sunlight really does cure all, and there is no escape from the fascist fiat disaster without hard money (gold is a shitty investment). The stock market has been running on fiat fumes for 30 years, and its more and more apparent that most public companies are zombie-vampire shells. There are a few exceptions, maybe 0.1%, but the rest only exist to play a papered over shell game on our captured retirement capital every other grifter. What is needed is real productivity growth.