Not only the Fed thinks so. When there is a recession and you have been fired due to massive job cuts, even garage sales are "expensive" to you. So the hyperinflation risks pale in contrast to unemployment risks?
O great.. Recession : You dont make any money cause you dont have a job. Super Inflation: You have a job ( for a while) but the money cant buy you anything as prices skyrocket The first one is the best choice as it cleans out capitalistic overruns and setups the economy up for growth. The trick is not to get to extended in the economy that the recession depth is too devastating. I am not sure about to or too...Oh dear back to school.
Recession is the economic equivilent of a forest fire... nasty in the short term , beneficial in the long term.
There's at least a light at the end of the tunnel in a recession...hyperinflation is more like cancer.
Hyperinflation is a great excuse to go on a long vacation, enjoy your farm, and catch up on all that reading you have been missing the last few years as you were working your tush off. Deflation is the same, except you can expect not to be able to go on vacation, the books are going to need to be sold to feed yourself (so hope you have a library handy) and the farm will be taken away from you due to tax arrears that you can't pay since you have no income. Unfortunately, it does seem that the two go hand in hand, with one following the other. The trick is getting the timing right.