FISCAL: Stab in the Back?

What should the Government do to help check the new inflation? The Federal Reserve Board was for raising interest rates to tighten credit. The other great fiscal arm of the Government, the Treasury, thought that this would be a treacherous stab in the back. As the nation's biggest borrower, it wanted cheap money and easy credit to keep down the cost of interest on the $257 billion national debt.

A fortnight ago, Treasury Secretary John Snyder reaffirmed his cheap money policy. He announced that the Government would keep its interest rate at 1¼% when it refunds $13.5 billion in Government...

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