"Moreover, after an extreme episode of government sponsored inflation, deflation and an economic depression are precisely what are needed to bring prices, incomes, supply and demand, and wants and needs, back into balance.

Perpetually attempting to forestall deflation and depressions by pumping credit and piling up debt has erected an economy that is totally unworkable for hard-working families. Moreover, it has completely obliterated the middle class.

Politicians may not like deflation, as it increases the odds that they’ll lose their cushy jobs. Still, just about every family out there could use some relief on their weekly grocery bill. This relief would be better delivered by deflation rather than issuing more and more EBT cards.

Similarly, after a decade of asset price inflation, prospective first-time home buyers would benefit from house price deflation. Not only would houses be more affordable. House prices that are more in line with incomes would free up more cash for savings, investments, and wealth building.

It’s difficult to get ahead when half of your after-tax income is going to pay the mortgage. Deflation would make this possible. What’s more, deflation would also make penny candy possible again.

The point is the policy makers got it all wrong. Spending money to juice GDP growth does not lead to greater societal wealth. It leads to inflation, price distortions, supply gluts, wealth disparities, and over indebted consumers and businesses.
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price deflation and an economic depression are needed to restore the economy to a place where people can get on with the business of improving their lives through incremental capital formation. So long as they have a stable currency, political freedom, and the discipline to do it."