"Fed Up" by Steve H. Hanke (Cato Institute: Commentary)

"Fed Up" by Steve H. Hanke (Cato Institute: Commentary): "What the Fed has failed to realize is that most deflations are good ones, not bad ones. During the last two centuries there have been many deflations throughout the world. Almost all of them have been good ones precipitated by technological innovation, rising productivity, global capital flows and sustained economic growth. If farm mechanization cuts the price of wheat, you get a rising living standard. This is good."