Are we to expect big inflation followed by big deflation?
What's been happening:
1. More and more of the world's wealth has been ending up in the pockets of a small elite.
Lots of people cannot afford to buy anything other than essentials.
Lots of people are in debt and can't borrow any more.
According to The Economist, "People can’t or won’t borrow because the value of their ... houses ...has fallen.
"Banks are less able to lend because their capital has been depleted by bad loans." (America looks likely to avoid a second recession. But with households overburdened by debt, slow growth lies ahead)
2. Too many large corporations have moved their factories to 'slave labour' countries.
3. The USA's military industrial complex has been using up too much of the world's wealth.
4. In some parts of the world there is a lack of sustainable development.
We humans are 'using one and a half planets' worth of resources and will need two Earths by 2030' (Humans 'using one and a half planets' worth of resources.)
The USA is one of the worst countries for over-consumption of resources.
5. Fraud and manipulation by a section of the elite has caused a financial crisis.
Some 31% of adults polled in Europe blame Jews in the financial industry for the economic meltdown. (Poll: 31% of Europeans blame Jews for global financial crisis ...)
At The Sunday Telegraph, 16 October 2010, Liam Halligan stated that China is not the villain if the West tries to debase its debt through printing money -QE
According to Liam Halligan:
1. Countries such as the USA are debasing their currencies so as to lower the real value of the massive debts they owe the rest of the world.
2. America's policy of printing more money could actually make things worse.
Printing more money could drive up the price of oil and other commodities.
There could be serious damage for importers of such key economic inputs.
3. International investors are starting to park their wealth in assets "that governments can't print more of".
4. China makes a lot of goods the world wants.
US exports in many sectors have become uncompetitive.
The causes of economic crises can be complex.
On 14 May and 15 May 1997, the Thai baht was hit by massive speculative attacks.
The baht devalued swiftly and lost more than half of its value. The Thai stock market dropped 75%.
Thai opposition parties claimed that former Prime Minister Thaksin Shinawatra had profited from the devaluation, Former Thaksin cabinet member Sanoh that "There were four people who got involved in the Baht depreciation, i.e. Chavalit, Thaksin, Thanong and Pokin." 
Former Malaysian Prime Minister Mahathir Mohamad accused George Soros of ruining Malaysia's economy with "massive currency speculation." (1997 Asian Financial Crisis - Wikipedia)
At Global Research, 17 October 2010, Bob Chapman wrote about Hyperinflation and Global Deflationary Depression
According to Bob Chapman:
1. In the USA, real inflation is 7% and unemployment is 22%.
2. The US central bank, theFed, for three years has concentrated on bailing out the firms that own the privately owned Fed.
3. No matter what the Fed does a deflationary collapse is inevitable.
4. Currencies have fallen versus gold for the past 9 years.
5. In all likelihood we will have inflation, then hyperinflation and then deflationary depression.
6. Wages and and asset prices have been falling with inflation rising.
That is a disastrous situation for Americans, except the 2% to 3%, who have had sense enough to invest in gold, silver and shares.
7. The elitists will be deprived of issuing any currency that is not backed by gold.
Inflation is on the way in much higher numbers to be followed by hyperinflation and ultimately deflationary depression.
8. When banks and foreign holders all try to exit US Treasuries at once – the bubble will break.
9. Where will all the money go?
The first haven has been commodities.
That will push prices up and add to price inflation.
This is in process, especially in gold and silver prices.
There will be a flight to quality, into real things.
(Those who choose to use ETFs will be jumping from the frying pan into the fire. - Criticism)
10. Bonds and the market will be falling along with the dollar and real estate.
There will be hyperinflation.
11. This is why a world meeting is necessary.
Without such a meeting to realign currencies and to multilaterally default on debt there will be international financial and economic chaos.
It would also lead to worldwide hyperinflation.
12. America will wake up one morning to Martial law.
You had best prepare. First for higher inflation, then hyperinflation and than deflationary depression. If you do not prepare you will be very unhappy.
BUT, George Soros, the same guy who described gold as “the ultimate asset bubble“ doubled the holdings of SPDR Gold Trust in his hedge fund in the fourth quarter of last year.