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The problem with economists and journalists that report on economics is that they like simple, easy to understand, definitions and cannot think rationally if a definition is involved.  Take for instance deflation. Economists define deflation as inflation below o%. And although the only instance of real deflation was in 1930's USA, economists are almost united in saying it would be bad for any economy. Now, some countries in Europe that import every single drop of oil they use, had very low inflation. The recent steep fall in oil price meant that the economies of those countries were now officially in deflation and economists and journalists had a field day forecasting doom and gloom. Because the economies were in deflation.  But they forgot to include the reason for the fall into deflation into the equation.  Cheaper oil is a godsend to any economy dependent on oil imports, it is in no way a bad thing. It means cheaper transport, heating, manufacturing, farming, in fact cheaper everything that uses oil or oil derivatives.  But most economists and financial journalists, with their closed minds, can only see the minus sign in front of the inflation statistics and therefore denounce a bonanza as a catastrophe. The massive numbers of unemployed and underemployed, or those barely getting by on jobs in our neoliberal economic wonderland where living-wage salaries are a thing of the past, would welcome not having their purchasing power robbed by central bank debasement of the currency and asset bubbles, not to mention the unpayable debts they and their children are being saddled with by being forced to bail out financial speculators.