By William K. Black
Kansas City, MO: December 4, 2014
In the last two days, the New York Times’ website has published a blizzard of six article about deflation, several of them focusing on the European Central Bank (ECB). Collectively, these article mention the word “deflation” seven times and the word “inflation” 75 times. Collectively, the same articles contain the word “unemployment” 10 times and the word “unemployed” zero times. “Unemployment” is the word one uses to provide a statistic. “Unemployed” is the word one uses to discuss who is harmed and how they are harmed because they lose their ability to find a job.
The word “demand” is used only twice and both usages are in the context of oil prices rather than the eurozone’s grossly inadequate demand that already inflicted a second, gratuitous Great Recession and threatens to cause a third. The word “austerity” – the form of economic malpractice akin to bleeding a patient to make him healthy – is mentioned only twice and solely in the article on the Bank of England.