Reginald McKenna is the bald, brainy chairman of the Midland, largest bank in the world. Three years ago he induced Britain's leading bankers, traditionally free traders, to reverse themselves sensationally and come out for the building of tariff walls around the Empire (TIME, July 14, 1930), which have since been built. Five weeks before President Roosevelt's inauguration Mr. McKenna asked: "Is it possible to raise our internal price level? Particularly can we do so by monetary management? ... I confess the thought of inflation, so long as it is controlled inflation, does not...
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