How much worse can “It” get?

"We are believers in Steve's debt deflation theory, and in fact named our 2008 bear market call after it. I'm interviewing Steve today to get back to the crux of the issue: how does debt deflate in the US, via monetary inflation or deflation? Now that the debt deflation is here, is the demand loss caused by debt deflation responsible for recent declines in commodity prices? Will they continue or will the US government monetize debt and send the dollar reeling again, deflating dollars against hard assets? Stay tuned. We'll make the interview available later this week. - Eric Janszen"