You may have thought that I was being a scare monger on the deflationary threat to the Eurozone, but George Soros is pointing to the same problem. Believe me, this is a really serious threat to economic and social stability in Europe. I don’t think the UK will suffer deflation because it has a flexible currency and monetary policy. Grinding the economies of Greece, Ireland, Spain and Portugal (possibly Italy as well) could have terrible political consequences. Having been the author of the destruction of Europe twice by war, Germany is in danger of achieving this again (albeit unintentionally) through economics.