• The year started with an unprecedented selloff in the financial markets.
• Plenty of reasons have been offered for this, from oil, to China, to global recession fears, to a Fed prematurely tightening, expensive valuations, etc.
• There is something to be said for many of these, but we think behind this lies a much bigger fear.
• This is the fear that we’ve been able only to postpone the wave of deflation, possibly leading to debt-deflationary cycle but that we’re now standing defenseless.

Source: The Fear Of Fears | Seeking Alpha