In the midst of reassuring everyone else last week, President Truman popped a hobgoblin on U.S. businessmen. With an offhand gesture he appointed 42-year-old Leon Keyserling his chief seer on economic affairs.

Ever since Dr. Edwin G. Nourse threw up his hands and quit as chairman of the Council of Economic Advisers ("I'm too old for such nonsense"), moon-faced Vice Chairman Keyserling had been hungering for the job. It was the nourishing climax to a 17-year Government career.

The career had followed a somewhat familiar path. Born in South Carolina, educated at Columbia...

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