Global GDP ex-government has already contracted by at least 10%. The government sector is still expanding, but the private sector, everywhere you go business is down 10 to 40%. You look at exports, they are down.
Right now there are no inflationary pressures, although I would like to point out that healthcare costs and educational costs are still rising and food prices which rose sharply last year, they have eased a little bit but they did not go down to the 2005 level. So there is still dsome inflation in the system.
