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What Is 'Deflation' and What Effect Does Deflation Have on Borrowers

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What is 'deflation' and what effect does deflation have on borrowers of money and on asset values?
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Definitions:

Maize (Corn)

A staple cereal grain domesticated by indigenous peoples in Mesoamerica, pivotal to various cultures and economies worldwide.

San Lorenzo

An archaeological site in Mexico, notable for its colossal Olmec sculptures and as an early center of Olmec civilization.

La Venta

An ancient Olmec civilization site in Mexico, known for its colossal stone heads, ceremonial complexes, and as a center for Olmec culture from 1200 BCE to 400 BCE.

Olmec Culture

An early Mesoamerican civilization known for its monumental sculpture, particularly the colossal stone heads, and its influence on later cultures.

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