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<p>[QUOTE=&quot;GoldFinger1969, post: 25270404, member: 73489&quot;]You wouldn&#039;t like it. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /></p><p>True, in the aggregate the price level was steady for many decades.</p><p><br /></p><p>But the loss in GDP output and all the &quot;panics&quot; meant that the adjustment process had to be internal and placed solely on output and employment and wages.</p><p><br /></p><p>Given the downward rigidity in wages, this increased the adjustment process and period.</p><p><br /></p><p><b>You also have a situation where today you have many countries with sizeable national debts.</b>&nbsp; To have nonexistent nominal GDP growth and put pressure on The Denominator Effect -- Debt/GDP ratio -- is financial suicide.[/QUOTE]</p><p><br /></p>

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