The British opponents of the Corn Laws rightly understood that tariffs and other restrictions on trade are violations of fundamental natural rights, and that they privilege certain entrenched interests at the expense of everyone else.
The Fed Chairman’s suggestion that the inverse correlation between inflation and unemployment has disappeared reveals that US central bank policymakers were previously employing a bankrupt theoretical framework to navigate the economy.
Deflation is not a matter of animal spirits or consumer expectations. It is the result of earlier creation of money "out of thin air" by central banks and commerical banks. Deflation is the natural result.