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Most people associate deflation with the 1930s: depression, unemployment and a spectacular stock market crash. But A. Gary Shilling doesn t think that deflation is all that bad--in fact, if you re prepared, deflation can be a good thing. In Deflation Shilling outlines why he thinks we re about to enter a prolonged period of deflation and offers advice for businesses and investors on how to position themselves and their finances to best cope with the spectre of falling prices. Shilling sees several forces feeding the trend to deflation including the end of the Cold War, reduced government spending, growing surpluses, the widespread adoption of technology, the emergence of the Internet, deregulation and the recent Asian contagion. He also believes that the stock market is due for a severe correction that "would destroy enough individual wealth to chase consumers out of spending and into a saving spree", thereby slowing demand for goods and services and encouraging deflation even more. Among the investments that Shilling recommends for deflationary times include Treasury coupon and zero-coupon bonds, utilities and US stocks (after the correction, of course). Given Alan Greenspan s maniacal focus on fighting inflation it might be difficult to swallow Shilling s deflationary forecast. Nevertheless, Shilling has done his homework and it shows: he builds a case that s both convincing and easy to read. No one knows for sure what our economic future holds, but any open-minded investor would be prudent to hear Shilling out. Recommended. --Harry C. Edwards, Amazon.com