The current inflation has been largely fueled on credit (as has U.S. prosperity). Collectively, Americans owe $150 billion in commercial bank loans, $115 billion in car loans and $29 billion on bank credit cards. Groping for new weapons to fight inflation, the Administration is taking a look at whether credit controls will help. The prospects are not good.
Under the never invoked Credit Control Act of 1969, the President has the authority to ask the Federal Reserve Board to restrict bank lending and/or consumer borrowing in any of eleven specified ways, including flatly forbidding "any extensions of credit under any circumstances...
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