The reason that Tom describes the world as deflated in the deep is because of his own supercilious obsession with his capitalist idea that those who become newly wealthy threaten his societal position.
Tom is largely obsessed with the capitalist privileges that he enjoys and abuses to the extent that he is morbidly afraid that lesser persons could submerge the capitalists one of these days, if care is not taken.
Tom's arrogant belief in natural superiority emanating from his family, blood, carriage, and station in life gives him an an inflated air about the world.
Thus, in the Great Gatsby by F. Scott Fitzgerald, Tom disdainfully believes that the attempts by Gatsby to emulate him or take what (Daisy) belongs to him debases the value system of this world.
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