1.   As investors absorb the possibility of another round of Asian devaluations, so too do they begin to comprehend what a deflationary spiral could bring.

2.   Despite its rallying stock market, Japan still seems gripped by a deflationary spiral.

3.   Fear of such a deflationary spiral is one reason that Japanese bureaucrats, while espousing deregulation, are hesitant to disband all barriers and let imports flood in.

4.   Hong Kong has also not emerged from the deflationary spiral that has pummeled the prices of everything from apartments to luxury goods.

5.   If a deflationary spiral were to take hold, Americans could find themselves in a very unfamiliar environment.

6.   If a deflationary spiral were to take hold, Americans could find themselves living in an unfamiliar environment dominated by undesirable trends for profits and salaries.

7.   Japan is caught in a vicious deflationary spiral, its economy shrinking and its banks threatened by losses so enormous they could shake markets around the world.

8.   Policy makers know what to do to cool down booms, and they have ideas about how to fight deflationary spirals.

9.   That is because, in economic terms, China is in a deflationary spiral, which means that consumers who are worried about their futures have stopped buying things.

10.   The chance of a deflationary spiral is greater now.