Pre-Fed America suffered massive deflation over and over again.
Pre-Fed America had the same long term economic growth as today without the unsustainable increase in debt. Deflation is only a problem when you are up to your neck in debt like everyone is nowadays. The borrowers and spendthrifts are glad to hear this prescription by the Eurobanker, but people interested in long term growth with stability recognize it is a bandaid on bleeding artery.