John Kenneth Galbraith(father of James Galbraith) had the last predictive model that described what was happening in the 1970's condensed version is this......you have 3 choices Inflation, Deflation or Wage and Price Control.

Incidentally James Galbraith's latest book "The Predator State" supports a lot of what Presley is saying, in fact he has given several speeches on the failure of economics. It is largely due to Criminal Political Influence.