Inflation or Deflation?

Everybody is talking about inflation or hyperinflation. Something similar to what happens after a country cannot meet its debt obligations. All the signs for inflation are here: Social Security is seen depleted by 2037, consumption is down, state retirement plans shortchanged. But somehow, prices keep going down and some analysts are talking about deflation. So how is the current situation different from post-WWI Germany or Argentina’s chronic hyperinflation? In short, the current situation is a global recession and other than pulling money away and investing in commodities, investors do not have many choices. Here’s a good summary from WSJ: