The hole in the system, though, is fixed-rate loans over the long term, and the ability to refinance relatively-cheaply. If you buy a house when rates and inflation are low, then over the life of the loan you'll win on inflation. All you have to do is hang on to that low-interest loan. If you happen to buy when rates are high, then you refinance the next time they're low and hold that loan. It's the ability to (worst-case, "eventually") lock in a low rate for decades that lets you win from inflation in the long term. There are a lot of people that were holding onto real estate loans at ~2-4% throughout the pandemic monetary+housing inflation cycle that made out very well. They didn't have to predict it or time it, they just grabbed a low-rate loan some time back whenever they could, and then waited for the inevitable to eventually happen.

How is it much worse than other indirect taxes? At least it provides benefits that VAT or sales taxes don’t like allows central banks to stabilize the financial system and reduce the outfall from boom and bust cycles (which were much worse pre 1830s).

Also if we look back price stability under the gold standard is a myth. Prices might have been broadly similar in 1800 and 1900 but there were some massive ups and downs in between that lasted decades. Predictable and stable inflation seems like a much smaller issue

Inflation does not provide any benefit.

Thank you for this well developed argument..

It obviously does on the macro level.

On the individual level perhaps not so much. Unless you have a lot of debt as quite a few people tend to do. Then it also has obvious benefits.

Pre inflation standard bond yields were around 4-5%. Combine that with longterm deflation over several decades (e.g. late 1800s) and then consider how severely screwed you are if you have a mortgage on your farm..