By the way, John, I noticed your paper on Nietzsche. By chance, I came across Alfred Weber's Farewell to European History, which has what I found to be a fantastic chapter on the social and political consequences of Nietzsche's thought--a quite different read than Lukacs' in Destruction of Reason, to be sure.
Oh, on the question at hand, does deflation only benefit bond holders? Can't it aid the centralization process as well--driving weaker capitals to the wall, allowing better positioned ones to pick them up for a song?
good nite, rakesh