INFLATION: $10,000,000,000 in Cash

As Leon Henderson tussled with rebellious prices last week (see above), one thing that can nullify all his efforts got bigger than ever: money in the hands of the public ("in circulation") reached a record $9,899,000,000, 22% above a year ago, more than double 1929. Moreover, the big demand for cash over the Labor Day holiday was sure to push it over the $10,000,000,000 mark.

After toying with the idea for years, Federal Reserve Board officials last week started a why-is-it probe to try to find the reason for this unexplained growth of cash in use. Meanwhile, private bankers made...

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!