I love economists, who can come up with mythical demons which boggle the mind. Black Holes and inflationary death spirals are marginally possible, but deflationary death spirals express an excess of imagination. It presupposes that households would starve, rather than spend. I just know that they would burn their precious currency in the fireplace when it got cold; no one serve that evil demon–Buying. When will economists acknowledge what mathematicians have for years: As models approach infinity, they become valueless. It reminds of a graduate Instructor I had, who did not understand that math warps exactly like Time, as models approach the Speed of Light. I still await the argument of what happens when your average Bank employee is informed his salary will be cut, because he extended no loans, and there is no Profits to pay him from. Oh God, on this day of Gift-Giving, save Us from the demons of our own ineptitude.
I have promised myself that I would stay away from Marauders in the countryside et al.; it indeed being Christmas after all. Food Distribution will always maintain a limit beyond which death will not spiral. I am currently seated in a relatively cool apartment with the thermostat relatively high, because of the chill winds hitting the windows; it is endurable, but I wonder if I want my electric meter to stop spinning. I will probably settle in to watch a good movie on my Cable network, as I cannot approach my DVD outlet, or get to the huge Christmas dinner which I am supposed to attend. By the way, I will really miss seeing the kids open their Gifts, with which we bribe them to act nice at least one day a year. Somewhere in there I fail to witness any deflationary death spiral, but maybe my expensive eye-glasses do not allow me to see.
I can conceive of a time where no expansion of production can occur; has anyone contemplated the load stress on the foundation at the end of the living room where the Gifts are stored beneath the Tree? I always sit at the other end of the room to give the floor a chance. I think there is a counter-argument to be made against your basic economic spirals in the first place. It seems to me that your average good spiral require a massive stress in the distribution networks, having nothing to do with your normal flow of money, and that it takes some Dope to print too much money or extend too much Credit to get even a minor blip on the radar. I personally would like to see an elimination of Currency, and a return to Gold and Silver pieces, just to prove that Money Supply is not that important in the production process. Truth must demand I would actually like to witness Everyone having to pull up their sagging Pants, like I have to do. Santa, you had better start dragging your bag in, as I am starting to depress the kids. lgl