Seems that the world is balanced on a knife edge. The middle east is in turmoil. Inflation remains stubbornly high in China and India with no hope cooling down in the near future. Europe is in a huge mess with speculation that Greece and Ireland will be forced to default on their debt and that Italy will have to leave the Euro. The US is unable to reach any compromise on raising its debt ceiling without which parts of the government will have to shut down, further damaging its economy. Politicians are terrified of a collapse of global economy but,like a stag caught in headlights, are unable to do anything about it. But is deflation such a bad thing? Or is runaway growth unsustainable and dangerous like a runaway train? Economic growth as we see it has produced increased jobs and increase in the numbers of people who are classified as middle class. It has also increased the numbers of billionaires, increased prices of commodities, caused property prices to increase 8 times, thus multiplying the black money to astronomical levels leading to uncontrolled inflation. The so called middle class is being pushed down to poverty. The Wholesale price increased by 9.44% in June, the Consumer Price Index will be in double digits. Gross government debt is 69.2% of the GDP as opposed to China where it is only 17.7%. Whether this is just central government debt or inclusive of the states is not given. Tamil Nadu has a debt of Rs 1 trillion while Bengal has Rs 2 trillion. With deflation prices will come down. Farmers will earn less but will pay less for other things. Property prices will crash wiping out black money. Rich people and the criminals will lose. What joy!