THE NATION: Fateful Error

An astonishing thing has been going on in Washington, and its direful importance is understood by only a handful of U.S. citizens. On the doom-laden Question of Inflation, the President of the U.S. is allowing the power of his office to be thrown against the weight & authority of expert knowledge and understanding.

Nearly every authority on economics in general or finance in particular says—and has said publicly—that:

1) The Federal Reserve Board should stop buying Government securities from banks at the present pegged prices. Reason: unlimited FRB buying gives banks more money for loans, disproportionately adds to the amount of...

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!