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After 2½ years of controversy, the nation's first peacetime wage-price controls died last week, leaving disillusion and double-digit inflation in their wake. Almost immediately, prices began to scoot higher on a wide range of goods, including cars, light bulbs, liquid oxygen, some air-conditioning equipment and those basic materials, steel and copper...
...economic news had rarely looked so discouraging. National production in the first quarter dropped more sharply than at any time in the past 16 years. Consumer prices continued to spiral up at a dizzying double-digit rate. Interest rates on some bank loans hit an alltime high. If the new figures had been deliberately chosen to do so, they could hardly have underscored better the dimensions of the job that faces Federal Energy Chief William Simon, who was nominated last week to be Secretary of the Treasury. Simon may end up with more responsibility than anyone except President Nixon...
...filched a few pennies at a time from wages and profits and prompted endless grousing, but for a majority of Americans, caused no real hardship; incomes usually went up faster. So, nothing in recent history has prepared the nation for the shock of what is happening today: a double-digit inflation that raises unsettling visions among many Americans of the price spirals in South America or Indonesia...
...they do to dig themselves out? The antidotes to inflation have proved peculiarly elusive because the causes are deep and pervasive?and often unrecognized. Crop failures, bloated Arab oil prices and bumbling government strategies are only contributing causes; most likely there would have been serious, if not double-digit inflation without them. Indeed, Chiaki Nishiyama, one of Japan's leading economists, asserts that "inflation is an integral part of economic growth." Though his statement implies a hopelessness that cannot be accepted, he has a point. Inflation has occurred largely as a devastating by-product of two trends that...
...system is somewhat complicated. Using his home or office phone, the customer must first punch a seven-digit number to get access to the computer, then enter his personal identification number, then another code number for the bill-payment service, then a fourth code number for the company to receive the payment, then a fifth number to indicate the amount of the transaction (all numbers are kept secret between the bank and the telephone users). A computer-simulated "voice" confirms each step of the transaction over the phone, so that a customer runs no great risk of paying somebody else...