Do you make any distinction between expected and unexpected inflation? Imagine inflation was a constant 2% a year. All contracts and interest rates could take t

Do you make any distinction between expected and unexpected inflation? Imagine inflation was a constant 2% a year. All contracts and interest rates could take this into account, so there would be no transfer of wealth from savers to debtors. If inflation is unexpectedly high, debtors benefit, whereas if inflation is unexpectedly low, creditors benefit. From my perspective, it's not inflation that transfers wealth from creditors to debtors, it's unexpectedly high inflation. And even then, this is a transfer of wealth, not destruction of wealth.