Saying deflation is the cause of a bad economy is like saying a wet head causes rain. Chain of causation is: money printing used to buy debt -> underpricing o

Saying deflation is the cause of a bad economy is like saying a wet head causes rain. Chain of causation is: money printing used to buy debt -> underpricing of debt risk -> unsustainable debt funded malinvestment -> debt collapse -> deflation as effective money supply shrinks The irony is that they use fear of deflation to justify the very act that causes the malinvestment and debt collapse.