If the phenomenon is bad, then what caused the phenomenon is also bad. I.e if murder is bad, so is the murderer. Nobody I've ever heard from said that the stagflation of the 70's was good and the stagflation of the 70's was mostl;y caused be federal Reserve policies.

Deflation is much maligned by Federal Reserve through its control of th economic profession. The US did much better economically in the 1800's under deflation then after 1913 and the Feds inflation. The reason that the Fed pushes inflation is that it provides a shelter from criticism of its theft of property through the wealth transfer effect of inflation. The one doing the money printing (inflating) will always defend the process because it makes him rich.71.174.141.4