If there would be no or less debt, deflation wouldn't be a problem at all. Inflation is needed to devalue debt which is the basis to make new debt. Since today's economic growth is build on massive debt, deflation is dangerous indeed.
Yes. But economic growth is not based upon massive debt. That's about like saying that your wealth is based upon a loan.
If you bought a luxury car, and you smoke expensive sigars, on credit, you can't really say that you're a rich man or woman can't you ?
So if you have "economic growth" based on a Mount Everest of debt, do you really have economic growth ? Or are you living off future wealth ?
That's how Capitalism works. Capital drives growth. When credit market expands you have growth. Then it reaches an upper bound and theres reversion, and credit market contracts.
The key is to keep inflation constant so the the credit contractions don't push us into recessions, then deflationary spiral. Nothing new here, everybody knows this