This, of course, is true by definition. However, I question whether there will truly be an absence of borrowers or an absence of commercial bank money creators. It appears like this may have happened in the 1930s, but my sense is that the collapse in the 30's had more to do with the massive bankruptcies and international defaults than conscious decisions to cut back on new borrowing and/or lending. With regard to the Fed cranking out dollars left and right during the 90s, those dollars were used, primarily, to create asset bubbles rather than inflationary consumer prices. But I do take your point that the increased productivity engender by the technology boom tempered price inflation. We are basically in agreement.