How to Keep It from Galloping

THERE are some who say that we cannot enjoy the blessings of progress without incurring in some degree the ravages of inflation. I don't believe it. I refuse to adopt the defeatist position that inflation is the alternative to unemployment."

Thus, William McChesney Martin Jr., chairman of the Federal Reserve Board, last week angrily waded into a raging economic argument. The subject: creeping inflation. That inflation is creeping nobody can deny. The August cost-of-living index figures show the twelfth consecutive monthly rise (see NATIONAL AFFAIRS). The argument is...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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