Jim Grant on the risk of monetary deflation

Von Mises said that deflation can never undo the harm that inflation causes, and he warned central bankers against imitating the motorist who, after running over a pedestrian, stops his car, throws it into reverse and backs it up over the same hapless victim.  Whether Jay Powell has the stomach for that second sickening bump remains to be seen.

~ Jim Grant, "The CDC at Jackson Hole," Grant's Interest Rate Observer, September 2, 2022