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 ?
Nevertheless, this has unforeseen consequences. Say, you happily live (or someone else lives, for that matter) off debt all your life and then one day you die. What happens to debt? Could we draw an analogy here with the debt being written off in the end on a global scale?
What is debt then actually?
When you die, the debt has to be paid off by your holdings. If there is a remaining debt, this has to be written off. That is not a magic money creation scheme in the aggregate, because someone is owed that money, and they will have to take a loss. Remember, whoever has lent out, a company, a bank, the state, there is always one or many individuals who will have to take the loss.
If someone, for instance the children, takes responsibility for all assets and debts, the debts are also inherited. This could be done to speed up the process of inheriting and make it cheaper, but they would not do that if their parents were underwater. So it only happens where there is debt the children did not know about.