Using the after effects of a massive credit bubble to argue that deflation is harmful is as rational as using the existence of hangovers to argue that one should never stop drinking.
Actually, I LOVE deflation. It's hyperinflation of fiat (accelerated by a flight to crypto) that worries me.
This is a very old post, from back in 2013. I've done a lot since then (
https://www.linkedin.com/in/jrwillett/) and a lot of things have changed, but I still stand by it completely.