Is deflation around the corner for investors? Geopolitics is becoming more and more decisive for daily events. Sweden fears an attack by Russia and it is indeed becoming more and more likely that at least Ukraine and Taiwan will be attacked. We are in a war cycle that will continue for years. Under these circumstances, stocks are holding up well so far, but confidence is fading and cracks in the bull market are beginning to appear. Investors are getting scared. Interest rate hikes are on the horizon in the U.S., but how likely is it that a textbook approach will be taken? The market and investors are addicted to cheap credit and its absence will lead to collapse. That said, long-term interest rates have probably seen their low, bond price declines and much more money creation are the likely result. The broad stock market, with exceptions, will not be a good investment either. Are we on course for a full deflationary panic, or is there more to the story? Egon von Greyerz sits down with Investor Talk to answer these questions and more.