curcumin (the active agent in tumeric)
inhibits multiple proinflammatory pathways

There is a wonderful scholarly paper on the health benefits of tumeric (and the compound identified as the active agent : curcumin) . It cites possible benefits for "Neurodegenerative, Cardiovascular, Pulmonary, Metabolic, Autoimmune and Neoplastic Diseases", all conditions exacerbated by inflammation. (see below)

Food and drug administration has declared curcumin as "generally regarded as safe"

turmeric may help fight infections and some cancers, reduce inflammation, and treat digestive problems.
Turmeric has been used in both Ayurvedic and Chinese medicine as an anti-inflammatory, to treat digestive and liver problems, skin diseases, and wounds.
Curcumin is also a powerful antioxidant.
curcumin lowers the levels of two enzymes in the body that cause inflammation. It also stops platelets from clumping together to form blood clots.
Research suggests that turmeric may be helpful for the following conditions:
Indigestion or Dyspepsia, Ulcerative colitis, Stomach Ulcers, Osteoarthritis,
Heart Disease, Cancer, Bacterial and Viral Infections, Neurodegenerative Diseases, including Alzheimer disease, Parkinson disease, multiple sclerosis, and other conditions.
Precautions Turmeric in food is considered safe. Turmeric and curcumin supplements are considered safe when taken at the recommended doses.
Turmeric may lower blood sugar levels. When combined with medications for diabetes, turmeric could cause hypoglycemia (low blood sugar).
Because turmeric may act like a blood thinner,

elsewhere I read that tumeric...

is an anti-oxidant that can help with mood and anxiety, wound healing processes by soothing irritation and oxidation, joint stiffness, that it has. fewer side, that patients taking turmeric experienced significantly less discomfort compared to placebo, and may be helpful in diabetes.

is used for arthritis, heartburn (dyspepsia), joint pain, stomach pain, Crohn's disease and ulcerative colitis, bypass surgery, hemorrhage, diarrhea, intestinal gas, stomach bloating, loss of appetite, jaundice, liver problems, Helicobacter pylori (H. pylori) infection, stomach ulcers, irritable bowel syndrome (IBS), gallbladder disorders, high cholesterol, a skin condition called lichen planus, skin inflammation from radiation treatment, and fatigue.   It is also used for headaches, bronchitis, colds, lung infections, fibromyalgia, leprosy, fever, menstrual problems, itchy skin, recovery after surgery, and cancers. Other uses include depression, Alzheimer's disease, swelling in the middle layer of the eye (anterior uveitis), diabetes, water retention, worms, an autoimmune disease called systemic lupus erythematosus (SLE), tuberculosis, urinary bladder inflammation, and kidney problems.

Turmeric contains curcumin, a substance with powerful anti-inflammatory and antioxidant properties.
Curcumin boosts levels of the brain hormone BDNF, which increases the growth of new neurons and fights various degenerative processes in the brain.
Curcumin has beneficial effects on several factors known to play a role in heart disease. It improves the function of the endothelium and is a potent anti-inflammatory agent and antioxidant.
Curcumin leads to several changes on the molecular level that may help prevent and perhaps even treat cancer.
Curcumin can cross the blood-brain barrier and has been shown to lead to various improvements in the pathological process of Alzheimer's disease.
Arthritis is a common disorder characterized by joint inflammation. Many studies show that curcumin can help treat symptoms of arthritis and is in some cases more effective than anti-inflammatory drugs.
A study in 60 depressed patients showed that curcumin was as effective as prozac in alleviating the symptoms of depression.

the list goes on:

Tumeric is a "panacea"

see "panacea tea"

"Potential Therapeutic Effects of Curcumin, the Anti-inflammatory Agent, Against Neurodegenerative, Cardiovascular, Pulmonary, Metabolic, Autoimmune and Neoplastic Diseases" : Bharat B. Aggarwal and Kuzhuvelil B. Harikumar
Int J Biochem Cell Biol. 2009; 41(1): 40-59.