It is the only source of inflation

Let's take FDR's policy of devaluing the dollar, which occurred during 1933-34, a time of 25% unemployment. I'd call that "slack", wouldn't you? As you can see, the policy led to a high rate of inflation

Scott Sumner talking inflation. 

I consider devaluation the same as default. 

It is the only way to leave money in the economy without a debt encumbrance. Central bank default happens, we get loose money, it has to have a category. I say we define loose money as inflation, then go about describing money having residual encumbrances, differently, perhaps requiring an index.

We don't care that guv generally is the one at default, sandbox counts it, it is the amount of anonymous, even money betting in the pits.