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Additionally, with deflation, the value of debt obligations increase relative to the value of other forms of wealth, (besides money and purely financial assets). Deflation increases debt burdens. A person or entity with less debt will see their buying power reduced less than a person or entity with more debt. A person with more purely financial assets and with less debt is going to see their relative wealth, and relative spending power go up more as compared to a person with more debt and less purely financial assets.
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