Sorry dude, I'm not the idiot here--inflation is never a good thing. what about people on fixed income? What about people who save? Also, your point that a lot of businesses would collapse if we experienced deflation is somewhat valid, but then the market would correct itself, as long as deflation continued.I see you chose ignorance over stupidity.
regarding inflation, you really must be an idiot. Please look up terms you don't know. Kinda expecting that Free Cash Flow is a new word for you. Assume that Free Cash Flow for ABC corp pre debt payments is $10,100. Of that, $10,000 goes to debt payments. So, there is $100 of FCF. But then we have deflation. So the next year revenues drop and FCF pre debt payments is $9,500. After debt payments, the company is $500 in the hole in regards to FCF. With inflation, this normally (seriously using the term normally in regards to the idea of normalization and not an assumption) would not happen. Instead, FCF pre debt payments would normally be $10,500 (or whatever). So the company made $500 in FCF!
Point of this is that many companies in a recession may be on the edge of collapse and deflation will push them over that edge. Deflation is NEVER a good thing. Hyper inflation (over 10% in a year) can also be bad (in general) due to the ability for a given countries fiat currency to loose value in the world markets.
Also, deflation would drop the floor on your home value. So if you were to sell, you could be in the red. Inflation is always a good thing. But you want it at about 2-3%. Maybe even 5%. But to say it is a bad thing is just right out idiotic.
OTOH, it's not true, because if we got rid of the Fed, started a 100% national reserve and gold standard, then experienced hyperdeflation, then the government could just reform bankruptcy laws to forgive those debts.
People/businesses also have the option to default, and if deflation continues, then they won't need to borrow anymore.
We don't need a central bank, and that paper points out that deflation is easier to adjust to than inflation, especially if the government reforms bankruptcy law.