For those of you who wanted to see a graph of Plosser's dreaded 30's recovery, here's real GDP growth:
And here's inflation during that same exact period:
Not seeing anything catastrophically inflationary there, are you? In fact, the inflation that the U.S. did get was critical in fostering the robust growth that we saw during the mid-30s, since it worked to end debt deflation, etc. In any case, I'm short on time and Matt said everything that I would have said, but better, so I'll leave it at that.