Yeah. The last time deflation happened in Europe, it resulted in Hitler coming to power.
Not kidding, Hitler came to power after a period of _deflation_ in Germany.
Years from 1929 to 1932. Deflation was 12% in 1932, in particular.
Do you want a mirror?
And why that episode was minor?
This whole thing is just a distraction that I didn't even bring up though, it has nothing to do with my original points. I wouldn't want to experience prolonged deflation at that rate either, markets rely on a certain level of stability and predictability to function well, everybody benefits from that and I would not argue otherwise.