But in the realm of corruption, such deflationary forces are rarely seen.

A growing Japan would help to stem deflationary forces in the world, helping manufacturers and commodity producers.

By pushing down prices of many American-made products, a further appreciation of the dollar could well exacerbate the deflationary forces bearing down on the United States.

And Mr. Tice says the market could drop much further because global deflationary forces will severely depress the earnings of American companies.

Thus we have both deflationary forces and inflationary forces at work - the battle of the 'flations as it were.

First, deflationary forces in the mid-1980's meant that companies were not reporting inventory profits.

In 1986, prices of most basic raw materials and the inflation-sensitive precious metals were depressed because their markets were laboring under the impression that the prevailing deflationary forces would continue this year.

Yet these side-effects will exacerbate powerful deflationary forces in the real economy, thus delaying the recovery which investors are so eagerly anticipating.

"As rates came down, it was enough to offset the deflationary forces in the economy."

That suggests there are strong deflationary forces at work in the economy, which threaten to choke business spending.