Is Deflation Bad?
Friday, Nov 19, 2010
The period of fastest economic growth in U.S. economic history, from the War Between the States  to the late 1890s, was a period of secular deflation. Indeed, for centuries, in many countries, deflation, not inflation, was the rule in combination with economic growth.
Notes on Bernanke’s Apologia for QE2, Robert Higgs, November 9, 2010, http://www.independent.org/blog/index.php?p=8419.