inflation

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In the December 1933 Times article Keynes argued that monetary policy cannot restore full employment, whereas less than three weeks later he is expressing relief that Roosevelt avoided the policy recommendations of the "extreme inflationists.
Until there is some indication of how the facts about entailment and material implication are to be explained without appeal to truth, inflationists are right to insist that deflationists are not entitled to such premises for explaining facts about truth.
Evidently, passage of the act did contribute to quieting fears that the inflationists would prevail.
Even Keynes ([1934] 1982: 312), on hearing of Roosevelt's plan to return to a fixed gold parity for the dollar, congratulated the president for resisting the demands of the "extreme inflationists.
Here I am expanding the point, to observe that he can hardly be debarred from wanting an explanation of it; and the explanation is bound to involve some of the ingredients that inflationists tend to put into their theories of reference.