"Leon H. Keyserling yester-i day accused the Administration and ""powerful private propoganda?Û? of waging a fake fight against inflation to keep down wages.</br></br>Keyserling, who was chairman. of President Truman?Ûªs Council of Economic Advisers, said the ""spurious campaign"" has been used to defeat or block major national objectives. '</br></br>He urged junking of tight money policies and proposed increased Federal spending to spur the rate of economic growth .</br></br>Keyserling?Ûªs latest analysis appears in a 59-page report entitled ?ÛÏInflation.?Û? It was released yesterday by his Con: ference on Economic Progress.</br></br>Keyserling declared that restrictive credit and budget policies are appropriate to wartime eras, when, he said, most ihflatlon occurs. In peacetime, he said, this ap; proach halts the pace of economic gain and leads to less than full use of manpower and other'resources."