Yep - debt deflation here we come. Thats a disaster for any economy driven by increasing credit to drive growth. That'll be most Western ones then..
They will do anything to avoid deflation because so many people would fall behind the curve and be in a position whereby their indebtedness was impossible to escape. Once that is widespread then there is nothing to stop MASS personal bankruptcy.
Perhaps such a system reset is perhaps the solution.
SkyEurope is a decent sized airline and they've just put hundreds of pilots out of work. They will not be the last although I'm suprised that airline failure season has started so early this Winter.
WWW
ps 13 Boeing 737's so at 5 crews per aircraft you're talking in the region of 130 pilots.