Robert Prechter's 2002 book, Conquer the Crash, described what would occur during a major deflationary trend.
Here's just one excerpt:
The tax receipts that pay for roads, police and jails, fire departments, trash pickup, emergency (911) monitoring, water systems and so on will fall to such low levels that services will be restricted.
When times are good, such a scenario seems almost unthinkable.
But, times are not good in Italy.
On Dec. 24, 2018, The New York Times ran a story headlined and subheadlined:
Rome in Ruins
Some worry that the city is in danger of becoming a dump. Not a "rubbish heap of history," or a precious junkyard of antiquities, but an actual garbage dump.
Here's an article excerpt:
Stepping outside Termini station, the gateway to Rome for many visitors, my tour guide asked me what I saw.
"Graffiti?" I said. "Trash?"
"Exactly," he said. "A Roman would not see this. The Roman is so beaten down by the filth in which he lives that he can no longer recognize or see the sad state of the city."...
[My tour guide] pointed out the double parked cars jutting into intersections. On the broad avenue bordering the fashionable Monti neighborhood, he bent down to grab at shin-high weeds breaking through the cement. ("The signs of abandonment," he said.) Underneath St. Peter in Chains church, with its majestic Moses sculpted by Michelangelo, he looked sadly at the striped crosswalk that had faded to black. Only weeks ago a tour bus had killed a prominent judge here. This month, one killed a cyclist, prompting the city to effectively ban tour buses in the center, which in turn prompted the bus operators to protest by turning Rome's central traffic circle, Piazza Venezia, into a parking lot. In the meantime, the city has not repainted the stripes white, but has begun talking, surreally, about implementing 3-D technology.
We went up to the Giardinetto del Monte Oppio, a small garden offering one of the most breathtaking views in the Western world, smack in front of the Colosseum. A Brazilian couple used the backdrop for pictures, but out of frame, and off their Instagram feed, was the Rome that tourists often choose not to see: Empty beer bottles, cigarette packs, stained paper towels, soiled clothes and littered food were spread around like some grotesque picnic. Illegal souvenir sellers stashed their blue plastic bags full of tchotchkes in the tree limbs before ducking into bushes that they used as toilets.
In the neighborhoods around us, sidewalks were cluttered with soaked mattresses, refrigerators and armchairs. Garbage trucks covered in graffiti moved past walls scrawled with the city's lament: "Roma Guasta" or "Broken Rome."
Conquer the Crash also said that deflation would be a "global story."