Thanks Bugs, good point… I generally tried to avoid nominal decline forecasts because I thought (and still think) inflation was such a wildcard. When pressed, my policy was to make a lot of disclaimers about inflation and then guess for a decline of about 1/3, or 30-40%, depending on my mood. (Not sure where that 25% figure came from).
The forecast I was always more confident giving was that prices would fall at least 50% in terms of incomes.
