INFLATION: The Tide

Reconversion Director John Snyder, a banker-minded man not given to flowery talk, leaned back in his chair one day last week and told a newsman a parable.

"There was once an old English lord," he said, "who felt all the privileges and authority of his position. He went down to the sea with his bathrobe, spread it out on the sands and looked toward the waves and said: 'So far you can come and no further.' Then he lay down. But the tide came up, covered the bathrobe and engulfed the lord. And he couldn't do anything but move."*

John Snyder obviously...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!