Business: Next Round Against Inflation

Carter makes a new start, but problems are tangled, and gains will be slow

"Inflation has become embedded in the very tissue of our economy." —President Carter in his speech last week.

The metaphor may be strained, but the perception is as realistic as it is frightening. Since the late 1960s, inflation has first crept, then leaped upward, expanding its list of victims to include just about the whole of U.S. society. A rare investor, rich and savvy enough to buy Renaissance paintings, Chinese ceramics or African diamonds, may still make money out of...

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