And if there is serious deflation?
You lose, simple.
But (in the Western world) one example in 50 years does not a pattern make. This is the last 60 years, where is the smart money do you think?
Year Mar Jun Sep Dec Annual
2010 2.8881% 3.0539%
2009 2.4661% 1.4581% 1.2613% 2.1084% 1.8201%
2008 4.2416% 4.5079% 4.9811% 3.6852% 4.3526%
2007 2.4358% 2.0739% 1.8626% 2.9582% 2.3324%
2006 2.9831% 3.9757% 3.9386% 3.2537% 3.5385%
2005 2.3595% 2.4862% 3.0261% 2.7986% 2.6687%
2004 1.9816% 2.4770% 2.3223% 2.5910% 2.3436%
2003 3.4407% 2.6890% 2.5993% 2.3656% 2.7707%
2002 2.9390% 2.8401% 3.2042% 3.0281% 3.0032%
2001 5.9904% 6.0222% 2.5210% 3.1226% 4.3808%
2000 2.7915% 3.1889% 6.0778% 5.8018% 4.4752%
1999 1.2469% 1.0744% 1.7312% 1.8048% 1.4654%
1998 -0.1660% 0.6656% 1.3367% 1.5833% 0.8535%
1997 1.2605% 0.3339% -0.3331% -0.2494% 0.2504%
1996 3.7489% 3.0981% 2.1259% 1.5190% 2.6124%
1995 3.8949% 4.4964% 5.0938% 5.0532% 4.6381%
1994 1.3774% 1.7383% 1.9126% 2.5455% 1.8950%
1993 1.2082% 1.8639% 2.2346% 1.9462% 1.8131%
1992 1.7013% 1.2264% 0.7505% 0.2788% 0.9859%
1991 4.8563% 3.4146% 3.1946% 1.5094% 3.2227%
1990 8.6114% 7.6681% 6.0575% 6.8548% 7.2784%
1989 6.7816% 7.5706% 7.9823% 7.8261% 7.5482%
1988 6.8796% 7.1429% 7.3810% 7.6023% 7.2564%
1987 9.4086% 9.2593% 8.2474% 7.1429% 8.4906%
1986 9.2511% 8.4648% 8.8359% 9.7662% 9.0845%
1985 4.4479% 6.5749% 7.7039% 8.1845% 6.7424%
1984 5.8442% 3.9746% 3.4375% 2.5954% 3.9370%
1983 11.3924% 11.1307% 9.2150% 8.6235% 10.0520%
1982 10.6000% 10.7632% 12.4760% 11.0497% 11.2289%
1981 9.4092% 8.7234% 8.9958% 11.2705% 9.6144%
1980 10.6538% 10.8491% 10.1382% 9.1723% 10.1863%
1979 8.1152% 8.7179% 9.3199% 10.0985% 9.0794%
1978 8.2153% 8.0332% 7.8804% 7.6923% 7.9507%
1977 13.8710% 13.5220% 12.8834% 9.2754% 12.3172%
1976 13.1387% 11.9718% 13.9860% 14.2384% 13.3508%
1975 17.5966% 16.8724% 12.1569% 14.3939% 15.1759%
1974 13.6585% 14.6226% 16.4384% 16.2996% 15.2955%
1973 5.6701% 8.1633% 10.0503% 12.9353% 9.2405%
1972 7.1823% 6.5217% 5.8511% 4.6875% 6.0403%
1971 4.6243% 5.1429% 6.8182% 7.2626% 5.9744%
1970 2.9762% 3.5503% 3.5294% 4.6784% 3.6873%
1969 3.0675% 3.0488% 3.0303% 3.0120% 3.0395%
1968 3.1646% 3.1447% 1.8519% 2.4691% 2.6521%
1967 2.5974% 2.5806% 4.5161% 3.1847% 3.2206%
1966 4.0541% 3.3333% 2.6490% 2.6144% 3.1561%
1965 3.4965% 4.1667% 3.4247% 4.0816% 3.7931%
1964 1.4184% 2.1277% 2.8169% 3.5211% 2.4735%
1963 0.0000% 0.0000% 0.7092% 0.7092% 0.3546%
1962 0.0000% -0.7042% 0.0000% 0.0000% -0.1770%
1961 4.4444% 3.6496% 1.4388% 0.7143% 2.5408%
1960 2.2727% 3.7879% 4.5113% 4.4776% 3.7665%
1959 1.5385% 1.5385% 2.3077% 2.2901% 1.9194%
1958 1.5625% 0.7752% 0.7752% 1.5504% 1.1650%
1957 5.7851% 3.2000% 0.7812% 0.7812% 2.5896%
1956 3.4188% 5.9322% 7.5630% 6.6667% 5.9072%
1955 0.8621% 1.7241% 2.5862% 3.4483% 2.1552%
1954 1.7544% 0.8696% 0.0000% 0.8696% 0.8696%
1953 7.5472% 4.5455% 3.5714% 1.7699% 4.3084%
1952 23.2558% 20.8791% 16.6667% 9.7087% 17.2872%
1951 14.6667% 16.6667% 21.5190% 25.6098% 19.7452%
1950 7.1429% 9.8592% 8.2192% 10.8108% 9.0278%
1949 0.0000% 0.0000% 8.9552% 8.8235% 6.6667%