SPEECH - In the speech 'The MPC and the UK Economy: Should we fear the D-words?' Charles Bean of the Bank of England said that the recent alarmist talk of the threat of global deflation has been overdone. There are good reasons for believing that the US economy is unlikely to follow Japan into deflation. However, central banks must stand ready to counter the threat of deflation, however remote the possibility may be. After all, the minor discomfort of inoculation against the 'flu beats a week of