Why inflation is still the real danger

Many people, including businessmen and economists are at present afraid that a deflation, that is a fall in the price level lasting several quarters or even years, might develop with, given the recession in several leading countries, disastrous consequences for economic activity, unemployment, the revenue of the state and social stability. The reasoning behind this sombre picture can be sketched as follows.

Deflationary damage

The crash of stock prices has already strongly reduced the wealth of

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