To many a layman it sounded like just another bankers' argument, dull and muddy with economists' gobbledygook. But as a handful of top U.S. bankers carried it on before three congressional committees last week, the argument boiled down to one simple, understandable question: How can the U.S. curb inflation without bringing on a slump? But there were no simple answers to this simple question.
As there was small hope of any quick boost in production, the obvious thing to do was curb the amount of spending money. Ttie way to do this,...
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