Although most economists seem to see deflation as a danger, I agree with Mike Shedlock...when prices have been very high and wages relatively worse and worse, exactly what is wrong with lower prices? There's no way you are going to get a raise any time soon, so you better hope Mike Shedlock is right--that we are in for deflation. Any economist who can make a clear argument why the man in the street should hope for higher prices, please drop me a line.
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