The obvious solution would be to monetise the debt buying it back with printed money.

If it's unclear whether disinflation really is a worry, at least the immediate lesson for investors is more certain.

The conventional signs of economic strength for example, the strong US employment report for September mean less than they used to.

For as long as disinflation lasts, monetary policy will be more responsive to news of price stagnation than to almost any cheerful economic development.