Deflation Is Too Low a Rate of Inflation: End of Story

The NYT perpetuated nonsense about the magic of zero in a piece discussing recent measures of inflation and unemployment in the euro zone. It told readers;

"Deflation is considered even worse than runaway inflation, because consumers delay purchases in anticipation of ever lower prices, undercutting corporate profits and causing companies to stop investing in new plants and equipment. The result is rising unemployment and further downward pressure on prices.

"Economists at the advisory firm O...