Macroeconomics According to Cal-Berkeley: Can Japan's Deflation Happen Here?
My daughter studied undergrad economics at Cal, and I have followed her department head's weblog (it's the "Brad DeLong" link on the left).
There has been a long thread there about deflation in Japan and the likelihood for deflation in the USA. As an airline retiree, I would argue that deflation is rampant in the travel/hospitality sector. The airline bankruptcies are textbook low revenue/high cost failures, and the hospitality/travel/conference sector seems close behind. If the trend reaches critical mass, the automobile/energy sector could go "poof" too. Let's hope for a safe landing soon (too late for a soft one!).
3:01:35 PM 
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