the deflation argument: 1) if value of A increases relative to B, people with A that want B will wait to trade for B Make A money and B some good and you have

the deflation argument: 1) if value of A increases relative to B, people with A that want B will wait to trade for B Make A money and B some good and you have the deflationary spiral argument. But notice that the structure of the argument is unchanged if we make B a good and A money. The sellers and buyers are symmetric - when you buy a good with money, you are selling the money for the good. If the deflationary spiral is correct, it is correct both ways, and if it is correct both ways, it isn't correct at all. Any temporary asymmetry in price movements run into time preference barriers that return it to a relative equilibrium.