[eli_gottlieb]

I did make the awfully common mistake of conflating money supply and price inflation/deflation. My bad.

However, my point about savings stands, because I was talking about money, not wealth. The whole point is that money is an economic lubricant, and if an economy goes into a deflationary spiral or debt-driven financial crisis, the whole problem is that real wealth ceases to be represented accurately by money, yet almost all transactions continue to be denominated in money. The map ceases to represent the terrain.