We hear so often about the insidious gyrations of the three “FLATIONS.’

There is, of course, inflation which we have been inured by our leaders to tolerate – as a “good.” Then there is the feared and poorly understood notion of deflation.

Even the process of inflation is poorly understood. The Federal Reserve tells us they must target 2% to 4% price inflation. But that means that each year your income (particular currency) buys less so you must earn more to keep up with inflation. Lately, at least for the past decade or so, everyman’s earnings have not increased in pace with these targets or the actual rate of inflation.

The “D” word, deflation, is an enigma, misunderstood and seldom mentioned by our leaders. But it is feared much more than inflation.