THE TIGHT MONEY POLICY: Making the Dollar Worth More


A Federal Reserve Board official once wryly remarked: "Only a handful of men really understand the credit system." Nevertheless, it is in the field of credit that the Eisenhower Administration has made its swiftest and boldest decisions.

Secretary of the Treasury Humphrey and the Federal Reserve Board had to move swiftly because, in an economy freed of direct controls, the burden of curbing inflation fell upon indirect fiscal controls, chiefly the restriction of credit. Though Eisenhower's moneymen have moved with seeming sureness, even they know that they are sailing, uncharted...

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