Do we live in Middle-earth?

[Lotrelf]

If we live in Middle Earth, in which age are we? While reading Tolkien's books I get a strong feeling that his work was inspired from Hindu Mythology (I don't know about Greek as I haven't read anything about that). According to Hindu Mythology, there were four Ages. First three ages were like I read in The Silmarillion. Good- evil, elves(there were magical creatures mentioned like Elves),monsters etc. It all is supposedly true as there are many evidences found and it has hardly happened that something of their presence can be ignored. Forth Age was ours i.e. Men's (and women's), and now there's no more magic, nothing. All this makes me believe that we do live in ME. Or ME was inspired from our world.