Dangerous Interference?

As Congress last week passed its Defense Production bill (see 'NATIONAL AFFAIRS), with its standby economic controls, a warning shout went up. Said topflight economist and Federal Reserve Board member, M. S. (for Menc Stephen) Szymczak: don't use them. "Direct controls," said he, "are [not the] answer to our immediate inflation problem. They deal only with effects and not with basic causes." Instead, the Government should cut down on the "rapid credit and monetary expansion . . . [and] current Government deficits which threaten to grow larger and larger."

Similar warnings came...

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