Mish Lays Out a Convincing Case for Deflation

Michael Shedlock, (aka "Mish") lays out the most convincing case I've seen yet for deflation. His argument is, if I may summarize his perspective on the matter is that as long as banks aren't lending, there can be no inflation no matter how much "money" the Federal Reserve pumps into the banks simply because it takes money SPENT, not money hoarded, in order to create inflation.