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Only to people who've bet their financial existence on inflation. For the rest of the population deflation is a good thing, because it improves their standard of living.

Or are you going to tell us that you'd rather the computer you're using had cost you tens of billions of pounds because there'd been no deflation of IT prices?

Fine in theory - a little different in practice. Unfortunatly there are those who have literally bet the house on inflation.

Asset deflation would not, at least short term, increase the standard of living for the masses. Many would be financially wiped out, especially those in leveraged positions, if we go into the deflationary period I expect is most likely at this point.

Deflation is very much a two way street in goods and services. Fine IF the good or service your "job" involves holds up against other things deflating. At best a zero sum game if your earnings deflate along with everything else. (The SAME as applies with inflation applies with deflation if you think about it).

Deflation is an enemy, though, to banks and governments. Not bad in that respect then.

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