U.S. Gains From Good Deflation as Europe Faces the Bad and Ugly

When it comes to deflation there’s the good -- and there’s the bad and ugly.

Europe faces the risk of the latter as it teeters on the edge of a recession that could trigger a debilitating dive in prices and wages. The U.S., meanwhile, may end up with the more benign version as surging oil and gas supplies push energy costs down and the economy ahead.