http://www.telegraph.co.uk/finance/financetopics/recession/6190818/US-credit-shrinks-at-Great-Depression-rate-prompting-fears-of-double-dip-recession.html
Picked this up at minyanville.com. It's interesting to note the contraction in money supply and bank credit, which is the definition of deflation. Even though the Fed is printing money like crazy, if it's not getting into the hands of consumers through available debt/credit, there is deflation instead of inflation.
This article also goes a bit deeper into it, and talks about the fact that while the Fed is trying to do everything it can to avoid deflation, there may not be much that it can do to avoid it.
http://www.minyanville.com/articles/fed-bernanke-deflation-inflation-reflation-printing-money-printing-currency-velocity/index/a/24469
Picked this up at minyanville.com. It's interesting to note the contraction in money supply and bank credit, which is the definition of deflation. Even though the Fed is printing money like crazy, if it's not getting into the hands of consumers through available debt/credit, there is deflation instead of inflation.
This article also goes a bit deeper into it, and talks about the fact that while the Fed is trying to do everything it can to avoid deflation, there may not be much that it can do to avoid it.
http://www.minyanville.com/articles/fed-bernanke-deflation-inflation-reflation-printing-money-printing-currency-velocity/index/a/24469