Down the Japanese path.


A rather ominous graph accompanies a review of the United States economy this week by Mary Daly, vice-president at the Federal Reserve Bank of San Francisco.
19-10-2010 deflationrisk
Japan’s experience beginning in the early 1990s, notes Fsly,  underscores the risk of getting into a long period of sustained disinflation. Japan fell into deflation in the mid-1990s and has yet to recover.

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