I love this FT series on the economics and politics of deflation and recession.
Near as I can tell FT is saying "don't worry, be happy." Fortunately smart people worry and we are a social animal. Pack social dynmics are ushering in an era when national governments are no longer relevant to our material happiness. Barring WWIII, smart people will continue to band together into clubs, clans, coops. Just wander around Portland for a day. They barter within a web of trust, set up insurance pools, loan each other money--even mint their own fiat currencies (bitcoin) or fund grand scientific and space adventures. These pockets of stability and hope will thrive while the rest of us decide which "Like" buttons to click.