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Looks like Greenspan is right about deflation!!

The Wicked Wop

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Deflation hits Greenspan

Fed chief's biography, published at $14, on sale 'like new' for 98 cents, 75 cents in large type.

June 25, 2003: 4:18 PM EDT

CHICAGO (Reuters) - Deflation has been on the mind of the U.S. Federal Reserve chairman recently, and an acclaimed biography of Fed chief Alan Greenspan is a good example.

The 2001 paperback edition of the book "Maestro: Greenspan's Fed and the American Boom" by Bob Woodward, in "like new" condition, was offered Monday for just 99 cents by an Amazon.com used book affiliate.

But by Tuesday, the low price for the New York Times bestseller had slipped another 1 percent, to 98 cents. That is just the kind of crippling downward spiral in prices the Fed has started to worry about.

The rate of increase in the general level of prices for consumer goods has been slowing this year.

The Federal Reserve's Open Market Committee was meeting in Washington Tuesday and Wednesday amid concerns that U.S. interest rates may need to drop further to help stop prices from falling across the board, a phenomenon known as deflation.

Meanwhile, in the new book market, the soft-cover edition of "Maestro" from Touchstone Books lists for $14.00. The price on Amazon.com is $11.20, and others have new paperback editions as low as $4.44.

But for the ultra-frugal, a new large-print edition of the book, which the San Francisco Chronicle termed "a gripping ride through...the curious mind of Greenspan," has deflated to just 75 cents. Shipping and handling not included.

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