If the phenomenon is bad then what caused the phenomenon is also bad Ie if murder is bad so is the murderer Nobody Ive ever heard from said that the stagflation of the s was good and the stagflation of the s was mostly 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 s under deflation then after  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