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23 Dec '12, 5pm

New Post: Fear Not Deflation via @Forbes #bitcoin #money #liberty #austrianeconomics

New Post: Fear Not Deflation via @Forbes #bitcoin #money #liberty #austrianeconomics

The Great Depression dealt a near-fatal blow to such common-sense thinking about prices and the price level. A new generation of economists became so obsessed with avoiding the bad kind of deflation that they all but forgot about the good kind. Followers of Keynes advocated inflationary policies, which have been the norm ever since. Having paid penance for the Great Depression by suffering through six decades of inflation, it is time for us to revive old-fashioned logic concerning the potential benefits of deflation. Recognition of the possibility of benign deflation should have a salutary effect on the thinking of the world’s central bankers. By helping them to overcome their fear of falling prices, it will encourage them to deal a deathblow to the worldwide scourge of inflation. But that is only the beginning. Once the possibility of benign deflation is fully appreciated...

Full article: http://www.forbes.com/sites/jonmatonis/2012/12/23/fear-no...

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