And probably why most modern economists happen to be clowns, only fit for a circus and properly to be laughed at. In the post WW2 era the world has seen next t

And probably why most modern economists happen to be clowns, only fit for a circus and properly to be laughed at. In the post WW2 era the world has seen next to zero sustained deflation in any major economies, including in Japan (the supposed capital example of deflation for the past quarter century). As always with the world being overwhelmingly ruled by Keynesian economics, inflation is the destroyer of worlds, not deflation. While economists hold up the false bogeyman of deflation, inflation is actively and persistently destroying economic value, from the US to Europe to Asia. If I were a conspiracy theory type, I'd have to believe they were using the deflation scarecrow on purpose to distract from the way their Keynesian model inevitably destroys everything it touches. All you have to do is ask an economist, fearing their great fake bogeyman of deflation, for several prominent examples of deflation in the Venezuela or Zimbabwe outcome model of inflationary destruction. Watch as they panic and run for cover. Given how much they all supposedly fear deflation, you'd think there are dozens of recent prominent examples of deflation damaging economies as inflation has harmed the US since ~1970, or how inflation has rocked countries like Argentina. Take Japan as the long held up example of the great modern economist fear re deflation. They all think Japan has been suffering from persistent deflation for roughly 25 years give or take. Why are consumer prices in Japan so high after decades of persistent deflation? Why is real estate still so expensive in all of their major cities? It's because they didn't actually suffer decades of persistent deflation, other than some modest stagnation-caused pricing pressure from weak consumer demand. What Japan has actually suffered from is the opposite: they spent their brains out on infrastructure to exceptionally mediocre returns, mis-allocating capital they loaded up on debt to an epic degree, the cost and allocation of which robbed their economy of free capital to invest toward growth, leading to a heat death stagnation. Modern economists, being witch doctors as they are, then proceeded to confuse all of that with ... deflation, because the alternative is to admit that their Keynesian model failed spectacularly in Japan (and it's still failing). In reality Japan massively inflated via very large rounds of deficit spending, debased the Yen aggressively and it all failed. To this day, the modern economics profession refuses to acknowledge the failure of their model in Japan, instead proclaiming that somehow Japan failed to spend enough, they needed to inflate even more aggressively (and say goodbye to the Japanese standard of living accordingly, as that approach has wiped out 1/3 of their standard of living in just the past decade). Next up, modern economists proclaim the US is suffering from deflation, as the US spends its brains out, leading to increasing stagnation of growth (already underway the past decade plus) as more and more free capital is allocated to servicing giant debt costs and is locked up in low yield trash debt, depriving the economy of the capital it needs to grow. Their cure: spend more, inflate more, debase the USD more. The end result: Japan.