Inflation occurs when there is too much money chasing too few goods. Deflation occurs when there is not enough money. For years, inflation alarmists have been forecasting runaway prices as a result of the Fed's efforts to expand the money supply. But prices have remained stable, with the Consumer Price Index down last month and up just 1.7 percent in the past year. By now, writes Steve Chapman, it should be obvious that the problem is not that the Fed has injected too much money into the economy but too little.
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