“Fiscal deficits = private sector surpluses” is really satanic nonsense. Demented MMT humiliation ritual. Deflation is not cataclysmic, like Great Depression 2.0. That’s just your New Deal, Stockholm syndrome talking. Deflation is good, it’s the free market flushing out malinvestment. Sometimes I wonder if some of these Bitcoin influencers have ever touched any Mises or Rothbard.