First let me say I agree with your post, rapid deflation is as bad or worse as rapid inflation. Stability is desirable however it also has problems, "growth" is in many ways just another way of saying "increased efficiency. So today's widget should be cheaper than yesterday's because it's cheaper and easier to make than yesterday's widget. This may in turn spur more growth since you would expect the number of widgets sold to increase as their price decreases. In this way society as a whole benefits from growth, stopping that "natural" deflation means that those who control production reap ALL the benefits of growth. This is what people are currently pissed off about, the last three decades have seen little or no real wage growth, all that growth has gone into the pockets of those few who control production. Sure they helped create that growth, but no more than the people who clean the executive bathroom who gave them the time to do so.