The only problem with a "Kondratieff" winter is the timing, it is supposed to be a 40/45 years cycle, thus you may call the uneasiness of the 70' a Kondratieff winter, but then, we are not due for another one till 2010/15....
There is virtually no chance of deflation (a contraction in the supply of money credit) in the forseeable future. We probably will see a deflationary collapse at some point, but not until infaltion has gotten so bad as to be a greater risk to the system than the deflationary remedy. And we are nowhere near that point now.
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