It’s not every day that the Wall Street Journal comes out with an informative article about deflation and the grave threat it poses to the global economy.  The story in today’s edition, by Jon Hilsenrath and Brian Blackburn, is the best I’ve seen in the newspaper, and if you read between the lines, it has even gotten it right about how the Fed is powerless to arrest the trend. That point of view has been verboten in the mainstream media, but the Journal‘s forthright observation that the emperor is wearing no clothes is going to give the idea a big boost in credibility. The most significant fact missing from the article is the connection between the deflationary implosion that may already have begun and its main source of power: a quadrillion dollar derivatives bubble that has been pumped to the bursting point with hot air.  To access the full article, click here.