Ambrose Evans-Pritchard did not mince words and the picture he gives of deflation in the world is appalling: "Beware Switzerland, it turns into deflation in the wake of Japan "summarize: after Japan, Switzerland is experiencing negative inflation above 1%, so that Philipp Hildebrand, a Governor of the Swiss National Bank, described the situation ' extremely worrying.
[The Telegraph: Ambrose Evans-Pritchard:" Swiss Slide Into The Next Chapter deflation signals cette overall crisis "]
It speaks to intervene to artificially lower the price of Swiss French, and therein lies the systemic risk mentioned in March, that of a war of devaluations:
[The Crisis in Dummies " Switzerland-cons attack deflation and the credit freeze "]
Evans-Pritchard believes that China, Korea, Singapore and Sweden, could initiate the ping-pong hell. And that Britain and the U.S. has already begun, as a side effect of their policy of quantitative easing to counter deflation. But these two, unlike the other candidates for devaluation, are not comfortable sitting on excess cash reserves and a trade surplus ...
The West got rid of much of its losses by devaluing its currency to the detriment of the yen. The Japanese have now returned the ball, and deflation could very well choke off the recovery in the bud ...
Comment: While the G20 is a celebration and awards prance is always a mess behind the scenes of the new world disorder.
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Crisis for Dummies 
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