Of course, I cant prove it, but my view is that we are heading for an era of deflation. The governments of the world tried stimulating their respective economies and this unraveling of the stock markets is evidencing that their attempts have failed. In any event, their behaviour did not pass the common sense test. Theres no point in going into the theory of it. The subject has been discussed ad nauseam. What we need to focus on is that if the experiment in stimulation failed, theres not much purpose to be served in trying to stimulate a second time.