By Nico Isaac
Up until recently, the mainstream experts put the likelihood of deflation transpiring in the United States at whatever the current odds are of Mel Gibson finding a date; i.e. nill to none. Their catchphrase for the rare and unexpected nature of a deflationary event was “Black Swan.” And as the following news items from 2008-2010 show, very few imagined this “bird” migrating onto the economic shore:
- Oct. 20, 2008: “Central banks of the world know how to stop deflation. You just print enough money.” (Reuters)
- Jan. 19, 2009: “US Deflation Unlikely. The tremendous stimulus from the US administration… should prevent the recession from dragging on long enough for deflation to get a toe-hold.” (The Globe & Mail)
- March 10, 2009: “Fed Sees No Signs Of Deflation.” (Daily Finance)
- Feb. 2, 2010: “There was some downward pressure exerted by the housing and auto companies that probably won’t persist into the next few months. We don’t see those prices declining on a sustained basis.” (USA Today)
Flash ahead to today and there’s no denying the trail of molted black feathers leading all the way to … Read More
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