Testifying before the House Banking Committee , last week. Federal Reserve Board Chairman William McChesney Martin Jr. described the problem of controlling the vigorous U.S. economy in terms that even a schoolboy could understand. The Federal Reserve Board, said Martin, is in the position of the ancient Danish King Canute, who demonstrated his human limitations by giving orders to the tides. Yet Martin made it clear that even if the U.S. economy is too strong for the Fed, some attempt must be made to control or at least temper its insatiable appetite for money. Said Martin: The Fed's tight-money...
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