Fly first, inflation second

Reinhart: Of course, there may be yet another factor motivating major central banks’ tolerance for higher inflation. But their leaders may be unwilling to acknowledge it openly: as I have argued elsewhere, a steady dose of even moderate inflation will help to erode the mountains of public and private debt advanced economies have built up in the past 15 years or so.

Policy makers are a bit delusional.  
Actuarial inflation, recorded losses by the currency banker when at  maximum entropy;  this is the inflation needed, to get interest payment relief.  Raising consumer prices on the little browns won't do.