Jackson Hole Presenter Warns: "Bottom Could Fall Out Of The Economy As It Did In The Great Depression"

http://www.zerohedge.com/news/2013-08-23/jackson-hole-presenter-warns-bottom-could-fall-out-economy-it-did-great-depression

"So far, inflation has fallen only slightly and remains in positive territory. Fears in early 2009 that rapid deflation might break out and  cause the economy to collapse as in 1929 to 1933 proved unfounded, luckily. I have advanced the hypothesis that rampant price-cutting has failed to appear because businesses are in equilibrium and perceive that price-cutting has bigger costs than benefits. If the hypothesis is wrong and businesses are finally responding to five years of slack by cutting prices, the generally optimistic tone of this section could be quite mistaken. The bottom could fall out of the economy as it did in the Great Depression."