No. Deflation slaughters the wealthy in the markets. No need for the uprising. It’s great for anybody that can provide a useful service for cash. Especially fa

No. Deflation slaughters the wealthy in the markets. No need for the uprising. It’s great for anybody that can provide a useful service for cash. Especially farmers. Farmers suffered all through the 1920s because they mortgaged their land during WW1 to massively increase supply, and then the demand disappeared. The problem, they said was not starving people, but that food was too cheap! So the big indebted farms banded together to stop food shipments from family farms, and the government responded by giving the big farms a handout. So no, deflation doesn’t mean starving people. I talked to a bunch of old people about this. Work was rare, but you only needed a few unskilled labor hours a week to pay for food and housing, and that was always available. They said life was pretty good if you didn’t have a mortgage. But really we’re talking about lack of inflation here. Not deflation. Deflation only and necessarily must occur with inflation preceding it.