COVER STORY
He promises budget cuts and credit curbs, but more is needed
As Jimmy Carter stepped before the television cameras in the East Room of the White House last Friday, his task was not just to proclaim another new anti-inflation program but to calm a national alarm that had begun to border on panic. Inflation and interest rates, both topping 18%, are so far beyond anything that Americans have experienced in peacetimeand so far beyond anything that U.S. financial markets are set up to handleas to inspire a contagion of fear. Usually confident businessmen and bankers have begun...