<blockquote>'It’s asset deflation not CPI deflation that central banks ought to fear. Even the BIS agrees with that statement. For discussion please see Historical Perspective on CPI Deflations: How Damaging are They?
Myopic central banks and their foolish attempts to halt benign consumer price deflation have once again brought about very destructive asset deflation that they should have been worried about.'
- Mike “Mish” Shedlock,
Lacy Hunt: Secular Low in Long-Term Treasury Bond Yields Remains Ahead, February 24, 2016</blockquote>
<Blockquote>'..in their attempts to fight routine consumer price deflation, central bankers create very destructive asset bubbles that eventually collapse, setting off what they should fear – asset bubble deflations following a buildup of bank credit on inflated assets.'
- Mike “Mish” Shedlock,
Historical Perspective on CPI Deflations: How Damaging are They? March 30, 2015</blockquote>
Context<blockquote>
No Inflation In Sight, Say Two Bond Masters - By Jonathan R. Laing'..the Great Depression .. was caused – like our crisis today – by too much debt.'</blockquote>