We are not really in a recession, sorry to say that. We are at a corner stone, we are in a period of change.
Agree, were in a perlonged period of Deflation after the great impulsive growth cycle which started from 1933 to 2007*.
People need to dig their history books out and have a look what happened in the last great deflation between 1711 & 1784... Not the lesser 1929-32 correction.
*It can argued that 1999 was the cyclical top if paper assets such as the Dow Jones index are potted against Gold.
http://pricedingold.com/charts/DJIA-1900.pdf