THE PEOPLE: Just Wounded

Edwin G. Nourse, chairman of the Council of Economic Advisers, which counsels the President, took a long look at the falling barometer of commodity prices last week. Newsmen prodded him for a weather report. Was this a crashing cloudburst, or just a heavy shower that might clear away some of the hot air of inflation? Economist Nourse adjusted his pince-nez. This, he said gravely, was a time for "masterly silence."

Most economists were, like him, deeply silent or deeply disagreeing with one another over just what was happening. But the nation's farmers—the people most immediately affected—thought they knew the score....

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!