Yes, it is. I'm no economist but the problem is deflation isn't stable, it tends to run away. It's like standing on a big pile of TNT and saying, "This match is

Yes, it is. I'm no economist but the problem is deflation isn't stable, it tends to run away. It's like standing on a big pile of TNT and saying, "This match isn't really that big of a deal is it?" In a super simplified example, you have a dollar that's going to be worth more than a dollar tomorrow (the definition of deflation). So maybe you'll wait to buy that shovel till tomorrow. But now less gets done today so tomorrow the money supply is the same but there are fewer things to buy, making your money even more valuable. Then you think, "Shit, things are really looking good for this dollar. If I just hold on to it, it's more valuable then what I was going to do with that shovel" so now you're never going to buy that shovel and pay that person to dig that ditch. So they're just sitting around without a shovel and you're not going to pay someone to just sit around. They'd be perfectly happy to dig that ditch if only they had a shovel, so you lay the person off. Now we have even less productivity and your dollar is looking really good. Next thing you know you realize that every time you shut things down your dollar is looking even better and better. You used to have to work hard for your money but now you're getting rich for not doing something. If you really want to get rich you realize having money is where it's at so you sell off all the shovels you already have for scrap metal, fire all the workers, and sit on the cash. It's completely perverse. You aren't just paying people to not do anything, you're paying them to destroy productive things. Things that would be good for everyone but while it might be good for everyone in aggregate it's even better for you do do nothing while on a whole most people suffer. So you're sitting in your mansion, doing nothing, amassing a fortune while workers watch as ditches that need to get dug, don't, you're melting down all the shovels, they're unemployed and starving. What do you think the next step is? It's not pretty.