Friends of Inflation

The most important price news last week was that nothing happened. Plans had been made to introduce in Congress the first price-fixing law in U.S. history. Instead, the whole price-control question was in the President's lap, on the heap with the other defense bottlenecks. The other bottlenecks merely clanked a bit whenever the President stirred; this one smoked. The smoke: inflation.

Leon Henderson was helpless. Most cotton mills last week were ignoring the retroactive feature of OPACS' price ceilings on gray goods, were billing at the old higher prices. Some furniture makers were still defiant of "jawbone" price control, as...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!