Good Deflation? Is what Draghi really want?

Someone argues woes about deflation especially in Switzerland are overstated as skepticism focuses on bad effects mainly. They suggest, however, Swiss is experiencing a good deflation during a long period. Switzerland has no evidences of bad deflation such as recession, lower pressure of wage, rising debt burden.

In this thought, some conditions are given. These are 1) monetary easing policy could not enhance inflationary pressure for nowadays, 2) monetary easing including purchasing bonds is better than doing nothing to boost real-term economic indicators as a member of ECB argued yesterday, and 3) as they say, nominal indicators should not be deteriorated.

The last condition is the most important, I think. In fact, in a economic text book, that condition is not deflation, but disinflation merely. Draghi, the president of ECB, appears to aim at this good deflation, not inflation. As I noted previously, ECB's easing almost lead to press oil price to lower and this could push the inflation rate toward lower. If then, Draghi must believe this environment of inflation is not deflation, but only disinflation. And so, it's clearer he wants to follow FED's previous steps.

Yes. It's a kind of massive experiment of monetary policy no one knows where is the end. That's maybe why Euro has devalued and bond rates have tumbled against USD and UST.
Draghi may have wanted to continue or expand QE until many criticize QE is not working tool.

Last night, FOMC commitment was very hawkish and bond market players seemed frightened.
As I posted yesterday, it looks like Ms. Yellen starts to lead other core members to boost economic sentiments and decrease uncertainty by suggesting clear signal of tightening.

What is risks?
1) One is the case this is the deflation explicitly, not disinflation. In this case, real-term economic indicators improvement turns meaningless.
2) Another one is that U.S. economy peaks-out especially with tumbling equity price and housing market, if FED starts tightening apparently.

And then, where will it go from now?
We can think some scenarios.

I will post it soon...