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That is partly because most central banks are obsessed with "inflation targets". With interest rates as low as they are and stagnant wages, maybe deflation would be a good thing. This wouldn't be "stagflation" as the economy keeps growing at a normal rate.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Nov 30th, 2005 at 10:34:54 AM EST
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