A spectre is haunting Europe...

The spectre of deflation.

The fear is back.

We will talk about this at some length in class today, because some of the crisis issues we have been talking about recently seem to be playing out in real time. The real worry is deflation in Europe, though other countries (including the U.S.) present concern as well. And it is beginning to re-appear in the popular press, whether it's in Krugman's op-ed yesterday, this week's issue of The Economist, or this morning's top story on CNBC.

Kudos to the first person who can identify in the comments the reference made in the title of this blog post.