True.
Deflation is now a far larger threat.
I dont' agree with that, but deflation is not a threat unless it's caused by government action, i.e., the Fed yanking away the cheap credit. Normally occurring deflation is a boon -- it means the currency's purchasing power is increasing.
I don’t believe you understand the devastation that will come
It also means that every asset decreases in value, the real value of debt increases and commerce slows to a crawl as everyone knows that waiting to buy something means they'll get it for less. Businesses produce less, wages fall, demand falls and prices fall further. It becomes a deflationary spiral to complete collapse. Even Hayek thought deflation was a Very Bad Thing.