A. Gary Shilling is so confident of his forecast for eventual price deflation in the U.S. economy that he has set it to music for the holidays.

Instead of the traditional lyrics for "The 12 Days of Christmas," Mr. Shilling, a former Merrill Lynch chief economist, recently offered clients "The 12 Steps to Deflation" listing reasons for the reversal of a 50-year trend to higher prices.

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