http://www.bloomberg.com/news/2013-03-20/why-global-economies-face-an-age-of-deflation.html
Deleveraging: In a normal economy, chronic deflation would already be well established. Our global economy, however, is dominated by deleveraging in the private sector and financial institutions, and is highly deflationary.
This debate is quite fascinating - extremely dynamic with a seemingly endless number of interacting feedback cycles, but here is my read: I think we could be going through a period of deflation, but that is because the money that was printed never actually got into the system.... it only got to the banks. And when interest rates are this low, it's not worth lending the money because the risk of default is pretty good when the economy could slide either way. So even though we printed all this money, it never 'trickled down', it just propped up the banks.
This guy seemed to avoided this entire point, in what otherwise would have been a fairly comprehensive argument. But unless someone tacles that, I don't think the argument is all that strong.