As Murray Rothbard noted, that benefit is falling prices (along with the liquidation of Fed-spawned entrepreneurial errors, and the freeing up of that capital for productive uses).

So, in one of the Fed’s depressions or recessions, your wages may be down; you may be out of a job; but at least goods cost less. So, naturally, government intervenes to counteract this benefit, as Hoover and Roosevelt did, with the effect of lengthening and deepening the crisis. They even had vigilante spy squads combing retail establishments in search of antisocial bargains.

As always, intellectuals pave the way for such disastrous policies (as well as for the right ones), and here is Daniel Gross in Slate denouncing the idea of price cuts in the present crisis. Mr. Gross is serving the cause of Keynesian evil, of course. But his article may be a leading indicator of what awaits us in the 2nd New Deal, under anyone but President Paul.