I DO not look on inflation as a temporary wartime phenomenon," said Irving Rose, president of Detroit's Advance Mortgage Corp., before a convention of mortgage bankers recently. "I regard it as the inevitable price of our national commitment to a full-employment economy. Hence, it is chronic. The fever may abate somewhat from time to time, but it will never end."
Right or wrong, that statement is a classic example of the thinking now creating turmoil in U.S. financial markets. Attention has focused on its impact on the stock market, where traders are increasingly...
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