the flation thing

well, lately, i mean these last several days, the debate about flation is hot again, it seems half of the economics guys think that inflation is sure to come, while the other half look at deflation.
what a standoff!
well personally, i think China and some other emerging countries like India will have inflation, perhaps considerably serious one; at the same time, the developed economy will experience deflation.
and my reasons? well, based on various readings and feelings.