You forgot inflation, which not so recently wasn't "pain":

Jerome a Paris:

a little bit of inflation (say 3-7% per year) is good for the poor and bad for the rich; more is the opposite.

However, apparently Jerome now prefers the Bundesbank's "virtue" of less than 2% inflation regardless of the point in the business cycle or the amount of outstanding debt...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan