Thanks to deflationary monetary policy, the economy here and around the world is slipping into a deep freeze, and there is no prospect of a thaw any time soon.
As George Gilder observed in The Wall Street Journal, the prices of gold and industrial staples such as steel are down more than 40 percent in four years. He wrote, "A high-tech depression is under way, driven by a long siege of deflationary monetary policy . . . which has shriveled hundreds of debt-laden telecom companies and brought Internet expansion to a halt."