1. I didn't say that there are no ill effects from deflation, just that they're overblown. There are also bad effects from inflation. 2. Most/all of the benefi

1. I didn't say that there are no ill effects from deflation, just that they're overblown. There are also bad effects from inflation. 2. Most/all of the benefit of inflation to consumers is captured by lenders in the form of higher interest rates - there's a reason why so many rates are quoted as "prime + x". 3. Addressing your japan/great depression examples: I get that the transition from an inflationary economy to a deflationary one can be horrendous for consumers. Sure. But that doesn't say anything about how consumers would fare under a steady state deflationary economy.