At least credit the FT's thumbsuckers for recognizing reality when it punches them in the nose. Not so at the Wall Street Journal, where great gusts of laughing gas emit from today's columns. See for instance, A. Gary Schilling's "Deflation Is Nothing To Fear" -- quote: "What we are facing is deflation caused by excess supply, and history tells us that this is good deflation." History does, does it? Or ponder Holman W. Jenkins, Jr.: "Why the View of Asia's Bonfire Is So Pretty" This obscene gloat-o-rama credits the US's (fleeting) prosperity to our willingness to junk our manufacturing base and become a nation of virtual companies pursuing brand management -- services uber alles! As propaganda, this is well past its sell-by date.
Carl Remick