[solaxun]

One thing has changed, and that is the amount of household debt.

There is a class of bubble and related collapse that are driven primarily by debt fueled purchases. When debt bubbles collapse, stimulus doesn't have the intended effect because consumers use the stimulus funds to deleverage. This is what happened in 2008, and recoveries from these types of collapses tend to be much more sluggish. When you have consumers paying their mortgages down instead of spending that money on goods/services, inflation is not a concern and the money leaves the system as debts are paid down. There's much less debt this time. I'm not saying there will be massive inflation, but I'm definitely more concerned than I was 13 years ago.

Debt deflation is a known phenomena since 1933 when Irving Fisher published: "The Debt-Deflation Theory of Great Depressions".