The Feb. 20 Associated Press article, "Downside of low inflation: Weaker global economy," sounded like the standard propaganda put forth by dishonest monetary authorities the world over. It really belonged on the editorial page.

The popularity of inflationary policies is no mystery. There are more debtors than creditors, and paying debts with cheapened money is always popular.

Sellers and borrowers benefit from inflation. Buyers and savers are disadvantaged. There is nothing like a rising general price level to put people in a mood to borrow and spend now rather than save and spend later. The inflation turns out to be much like a drug that feels good at first but requires more and more to sustain the high.

The simple moral of the story is that if you don't want deflation, don't inflate in the first place.

We should not cry about the low inflation across the developed world. We should recognize that easy credit begets low-quality loans. People need to wake up to the fact that easy money does not benefit the average citizen, especially the working poor. The greatest benefit goes to the people who get to spend the new money first. This includes government, banks, companies and well-off individuals who can leverage their share of economic resources before the credit money works its way into the economy as devalued units.

Those at the bottom might get tokens like raises to minimum wages, but this occurs at the end of the cycle, and they will always be playing catch-up. The most honest way to get out of this destructive cycle is to implement a 20-year plan to write down debt directly and fundamentally move to a more honest system.

IRV COHEN

Hammonton