Graph lifted from Zero Hedge: http://www.zerohedge.com/article/charting-ten-year-prelude-keynesian-endgame – courtesy of John Lohman.
I will grant you that even though we may have entered a deflationary cycle, the path is not yet clear due to the fact that various government interventions are generating conflicting signals in various sectors. So, yes, it is not a straight path down for assets or up for the Dollar or gold. Nonetheless, the trend is clear.
The key is the efficiency of the currency (i.e. the efficiency of debt).