This is follow up on the wildly popular post I made about a year ago titled Why is Deflation Good?
Below is a quote from Jim Grant who was interviewed last week by Margaret Brennan on Bloomberg TV.
Margaret Brennan: Bernanke could say "You're not giving us credit for preventing deflation"
Jim Grant: The Fed defines deflation as the Wal-Mart business model, that is: everyday lower and lower prices. Much of the Americans spends most of their week-end seeking out exactly that very peril.
Alleluia! Somebody who understands that falling prices are a sign of progress.
If you haven't seen the interview, please do watch it now: Jim Grant Debunks Bernanke and the Fed on Bloomberg TV.