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I forgot one more consideration, or, call it two:

1) Uncle Sam has signed more IOUs than any other entity in the history of the planet. Around $3.7 trillion worth is outstanding. Lots of it long term, noncallable, fixed-rate paper. Does this sound like an entity that would let deflation happen?

2) Consumers owe about $1.3 trillion. Will voter sentiment favor deflation?

Yes, for every dollar borrowed, there is a lender who stands to gain from deflation, but the borrowers are more numerous than the lenders.

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