Deflationists claim that the truth predicate was introduced into our language merely to full a certain logico-linguistic function. Oddly enough, the question what this function exactly consists in has received little attention. We argue that the best way of understanding the function of the truth predicate is as enabling us to mimic higher-order quantification in a first-order framework. Indeed, one can show that the full simple theory of types is reducible to disquotational principles of truth. Our analysis has important consequences (...) for our understanding of truth. In this paper, we can only touch on one of them: we will argue that the insubstantiality of truth does not imply a conservativity requirement on our best theories of truth. (shrink)