I don't think moderate deflation after a period of hyper-inflation is much of an argument. It's just a weird little gotcha that someone who doesn't want to abandon their priors will whip out. Not compelling at all. It's like claiming a failed medical intervention is the cause of a death because it had some negative effects that might have even made things worse, but the patient was already sick and dying. Many cancer patients die from the effects of chemotherapy before the cancer itself gets them, it doesn't mean cancer is actually good.