Deflation or Devaluation?

That's the choice. I'm rereading Liaquat Ahamed's Lords of Finance and he portray's the Bank of England's choice in the early 20s as one between deflation and devaluation. Going on the gold standard would be deflationary, while the other choice would be devaluing the currency.

So when people say they are against devaluation, they are saying in effect that they are for deflation.

The other option is fiscal stimulus and creating government debt by funding job programs. This will create demand. At the moment it's politically impossible.

Was the ARRA better than nothing? Was the ACA better than nothing?