Lew Rockwell (in 2005)

Why is it that Congress, the Fed, and the presidency all agree that deflation is something to be avoided at all costs? The experience of the Great Depression looms large but, as Murray Rothbard has shown, low prices were just about the only good economic trend that was happening throughout the 1930s. Imagine if you had all the same disasters occurring – all inspired by bad economic policy – but with high prices on top of it all!