Yes!  As I have been writing, we are in a deflationary boom.  That differs from simple deflation in that the values of currencies and interest rates fall while business activity looks to be stable or improving, at least in some parts of the world.

History shows several examples.  However, now is the first time it is happening on a global basis, and it can't end well if it continues.

The good news is that the end will not come soon, and the US is likely to suffer the least, maintaining it's economic and military superiority. 

Part of the reason for our advantage is our outsized holdings of gold and silver, commodities having a five thousand year history of use as money, or backing for money.  So, as interest rates fall, prices for gold and silver rise as a natural offset (same too for bond prices and real estate).

In the end, gold and silver will still have value - not so much for bonds and real estate. 

All in my opinion, of course.

VP in AZ