I have really tried hard to figure out the counterfactual as being a good thing and it is just really hard to make the argument that we would have been better off with a deflationary collapse.
This is especially true from a global perspective. It would be a much more equal global economy but unimaginably poorer. The political consequences are unknowable but a deflationary collapse would not have had good political outcomes.
We largely shifted a nightmare into being a great time to be alive but take the good times completely for granted because we can't really know the nightmare we didn't see.
