Writes Dr. North:

Over the years, there have been a tiny handful of hard-money industry forecasters who have predicted that there will be an inevitable era of falling prices. I don’t mean stable money with slowly falling prices due to increased productivity, such as with falling computer prices. I mean a period of deflationary depression, where the central bank is powerless to stop falling consumer prices by pumping in fiat money.

These forecasters have been wrong. No post-World War II industrial nation has experienced falling prices as much as 5% per annum. Japan has had a few years where prices fell by 1%, followed by years where prices went up slightly. Yet Japan is always the #1 example used by deflationists.

There are ten questions that the deflationists need to answer.

Read the rest.