There is No Problem of Deflation, Just Low Inflation (see addendum)

The problem of deflation just refuses to go away. I don't mean the problem of weak economies with very low inflation rates, I mean the media's obsession with the idea that something really bad happens if the rate of price change crosses zero and turns negative.

We got another example of this strange concern in the NYT this morning. The piece noted the European Central Bank's (ECB) concern:

"Still, the central bank acknowledged its deep concern about the risk that the eurozone’s economic dold...