Economists now unanimously agree that the US came perilously close to entering a devastating "deflationary cycle" during 2002 and 2003, and it was only because the Federal Reserve reduced interest rates to 44-year lows that a global economic crisis was averted. "We couldn't utter the 'D' word," one economist noted, referring to deflation, "because if we did that at the time it would have actually precipitated the deflation cycle to begin, and then we'd all have been royally fucked. We all knew it then, but we just couldn't say it." Another economist said "the American people, not to mention peoples of all countries, never knew the bullet they dodged by an inch." Mark my words. You'll see articles like this later.