Peter Schiff (in 2007)

Despite the tendency of central bankers to argue that consumers are better served by rising prices rather than falling prices, ‘deflation’ was never a real threat to Japan. On the contrary, falling consumer prices are one of the natural rewards that people enjoy in market economies. The fact that this benefit has been denied to most people in modern times as a result of government created inflation is one of the great tragedies of our time.