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1. Many of those economic events were due to many factors, deflation not being one of them

2. Nearly all of them were relatively minor and recovered on their own

3. Now make a list of all the economic disasters that have happened under fiat money / central bank / pro-inflation policies.

Ideally the economy oscillates between periods of low inflation and low deflation. This would reflect natural business cycles.

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The Long Depression (what GP refers to as the Panic of 1873), and which was popularly known as the Great Depression until the later one stole the name, was also deflation-related. Some of the others, too.

Sure, I'll list every single time unemployment broke 10%.

- 1981-1982 recession, caused by the oil crisis a few years before, had 10.8% peak unemployment

- The Great Recession (again, there was deflation here) with 10% peak unemployment.

- COVID, which had a 14.7% peak unemployment for a few months before the US made a smooth landing.

That's it.

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