General Glut's Globblog: Another inflation post: "I wonder, in fact, if contined Fed tightening combined with a drop in oil prices -- say to the low $50s/barrel -- might shake what little general inflation exists right now completely out of the economy."
Yikes! This could be very unpleasant.
Explanation: inflation, even in large doses, is seldom more than annoying and demoralizing; deflation is downright dangerous. Deflation, for example, can bring a large part of investment spending to a sudden halt, plunging the economy into depression.