James Ferguson, founder of MacroStrategy Partners, isn’t worried about inflation this year. Instead, he sees the beginnings of deflation. On this week’s Merryn Talks Money, he tells host Merryn Somerset Webb that it’s purely a matter of remembering what the monetarists said: Print money and (with a long and variable lag) you will get inflation; Yank money out of the economy (as the US Federal Reserve is doing) and you will get the opposite. According to Ferguson, there will be deflation by April.

Plus, John Stepek joins Merryn for a passionate chat about pensions. Yes, it can be done. An extended version of that chat can be heard here: https://twitter.com/i/spaces/1PlJQpeNWZqGE?s=20

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