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Paul Cwik at the Mises Economics Blog posts this telling reminder of what economics teaches -- and what the Keynesian cranks in the media need to learn:

Lionel Robbins writes concerning deflation .. "the belief that there is nothing detrimental to the smooth working of the economic machinery in the changes which result in a consumers' goods price index falling with increased productivity, is not the esoteric creed of a handful of 'sadistic deflationists'as is sometimes suggested nowadays. It is the view which has been held by the majority of the men who have made modern monetary theory in English-speaking countries what it is -- Marshall, Edgeworth, Taussig, Hawtrey, Robertson, Pigou. That a belief that prices cannot fall without causing depression should be able to co-exist with the overwhelmingly convincing demonstration of the contrary proposition in nearly all the standard works on the subject is a most disquieting revelation of the gulf which still exists between scientific knowledge and popular opinion."