01.08.132:30 PM ET

Eurofail: The Human Price of Deflation

Across the European Union, youth unemployment now averages 23.7. In Greece, it is nearing 60%; in Spain, it has passed 55%.

This is the human price of deflation. Why would Americans want to try that policy here - and not to stop actual inflation, but merely to prevent the hypothetical possibility of an inflation that is nowhere in sight?