Bernanke wants inflation for his reasons. I want inflation for entirely different reasons even though it might be painful.
Inflation forces the world to rectify its imbalances. Emerging Asia no longer will believe a 20-100% undervalued currency is good monetary policy.
Inflation forces leverage reduction. Inflation increases interest rates and ends the infinite supply of money to overleveraged governments. As a consumer, more debt means a lower credit rating which means a higher rate. Higher rates are the built-in control mechanism to reckless borrowing behavior.
Inflation favors risk-taking. Deflation favors risk-avoidance. Risk-taking helps cure the tremendous misallocation of resources to “risk-less” bonds and gold in pursuit of real opportunity.
Inflation helps reduce dependence on limited scarce resources. Higher prices on commodities make innovative renewable techniques attractive.
Unfortunately, “financial innovation” disrupted the higher prices that started in 2007-2008, so the world is 3 years behind.