Commentary: Don't Cry, It's Only Deflation

Remember the good old days--a month or two ago--when the economic troubles roiling Asia seemed to be only a distant threat, maybe even a timely brake on an overheating economy? Well, it's no time to dwell on the past. Suddenly the prognosis for the immediate future has changed: The deepening Asian crisis now seems far more likely to spread, bringing its deflationary spiral to the U.S. economy.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.