His entire thesis on the great depression was in fact there was not inflation, but deflation, persisting during the 1937-1938 "recession". he is confident the great depression would not have lasted nearly as long if the cb was aggressive, i tend to agree with him, just not on his timing.
Just because one "can" stop a deflationary correction, does that mean one SHOULD? Deflation is a healing, reinvigorating, TEMPORARY AND NECESSARY, healthy correction to inflation. Inflation = DESTROYER OF WORLDS!!