But that is a phantom risk, because it is the risk of deflation, not inflation, that haunts the PIIGS.

The main lesson of the Asian financial crisis or, for that matter, of any financial crisis is that deflation is the ultimate threat to recovery. Because the 1997 crisis was confined to East Asia, China was able to escape deflation after it joined the World Trade Organization.

The Ghost of Hirohito

A Phantom Recovery?

Arafat u0027s Ghost

Monnet s Ghost

The Ghost of Appeasement

The Ghost of Biafra

The Ghost of Pinochet

The Shadow of Depression

CAMBRIDGE A specter is haunting Europe the specter of market confidence.

A ghost runs around Cuba the Internet ghost Rosa María Rodríguez Torrado explains.

Banishing Starvation

Exorcising Musharraf u0027s Ghost

A depression seemed possible.

The Ghost of Inflation Future

Hamas s Ghost in Annapolis

The Lingering Shadow of Mad Cow Disease

Spooked by Glass Steagall s Ghost?

The Deflation Bogeyman

Deflation and Democracy

Deflation Doldrums?

A specter is haunting the European Union s new members in Central Europe the specter of populist nationalism.

So the ghost of Augusto Pinochet lingers.

The Phantom Middle East Peace Process

Inflation or Deflation?

The Second Great Contraction

The experience of deflation is well entrenched.

To paraphrase Marx, a specter is haunting Europe the specter of chaos.

The specter of a full blown crisis was starting to haunt markets.

Can China Avoid Deflation?

The Great Contraction of 2008 2009

The specter of a collapse of Europe s banks, like the specter of a self fulfilling debt crisis, has been banished, allowing Europe s nose diving economies to pull up in time.

Can China Beat Deflation?

The feared implosion of Wall Street seems to have been avoided.

The persistent specter of climate change only compounds public anxiety.

Why Deflation is Good News for Europe

Deflation in many advanced economies.

Deflation, on the other hand, increases debt, and feels like being smothered by a lead blanket.

If prices fall at a rate of 1 , could they fall at a rate of 10 ?

When NATO leaders meet for their summit in Riga at the end of this month, there will be a ghost at the feast Afghanistan s opium.

For all of these reasons, the specter of a eurozone collapse has not been dispatched.

NAIROBI Yet again, famine stalks the Horn of Africa.

Now, however, the specter of devaluation has disappeared from northern European countries.

The religious demon is a far less appealing devil than Uncle Sam.