Most of the people around here immediately buy something as soon as "they can afford it" - with credit. I find it hard to believe that these same people would suddenly hoard cash.
Wikipedia says
The Great Depression was regarded by some as a deflationary spiral.[35] A deflationary spiral is the modern macroeconomic version of the general glut controversy of the 19th century. Another related idea is Irving Fisher's theory that excess debt can cause a continuing deflation. Whether deflationary spirals can actually occur is controversial, with their possibility being disputed by freshwater economists (including the Chicago school of economics) and Austrian School economists.
It sounds more like a theoretical concern than an immutable law of nature to me.
No, it doesn't. [0]
> There is absolutely zero historic record to support that.
Yes, there is. [1]
> Until economics embraces reality it's foolish for the rest of us to hold a false god so high.
Sorry to be kinda blunt here, but I'd like to appeal to you to try to maintain a higher standard of discourse on HN.
Ironic. Your reply does more to support my point than your own.