To the Editors:
The Federal Reserve chairman, Paul Volcker, is a man to be much admired [March 8], for he is one of the few in Government willing to bear the responsibility for long-term economic recovery. Volcker realizes that stopgap increases in the money supply offer no solution. It took the U.S. 40 years to reach this dire economic situation. We cannot expect instant and painless recovery.
William Ziener Baden, Pa.
It is frustrating to watch the Fed struggle along under the misguided idea that either we have inflation and moderate interest rates...