So you have automatic low inflation. Deflation's biggest victim so far is the Farm Belt. Such imbalances are not the customary route to recession, but the customary route to depression. These days the middle class are getting poorer too. Bailing out the world.
Prosperity created by consuming more than one produces is worth noting.
Until one realizes that in the annals of economic history, it has not been done before. Within just two to three years it has ballooned from a minor item to the dominating item in the US GDP statistics. Richebacher Letter Peel off the computer component and you find the tale of a totally different economy with slow and slowing growth . The computer component is not what it seems. The growth of computers, while very good, was not as good as the government numbers showed.