CREEPING INFLATION: CREEPING INFLATION

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

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!