This is CBS Eye on the World with John Bachelorette, here's John Bachelorette.

The global economy, Joseph Sternberg writes political economics he's based in London

for the Wall Street Journal editorial board, and his most recent column about the People's

Republic of China is striking because it confronts this word deflation.

What does it mean for an economy that is regarded as miraculous, second most powerful

in the world to be going through a deflationary period?

It means that there are mysteries to be plumbed.

The General Secretary and President of China, for life perhaps Xi Jinping, is now in Johannesburg,

meeting with the Bricks, Brazil, Russia, India, China, South Africa, and applicants to

the Bricks, ranging around the world 40 different countries, all looking to get into the

Bricks because China is the big and successful one so far, and yet, Joe, a very good even

to you, Xi Jinping does not going to bring up deflation when he's talking to his colleagues

in Johannesburg.

However, it is a story that is echoed around the world ever since it was published right

now.

There is deflation at the marketplace, there is deflation at the retail level, but then

there's asset deflation.

All things are going on in China.

What is the more dangerous to their miracle, Joe, and what are they doing about it?

Good evening, too.

Hi, John.

Well, I think the key thing that is going on in China right now is this deflation that

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