Word: eccleses
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Had it not been drowned by the tumult of Washington's inflation wrangles, the voice of Federal Reserve Board Chairman Marriner S. Eccles might often have been heard quietly protesting the "monetization of the public debt." He did not like the way a large proportion of Treasury borrowing had...
During the war, the U.S. had seemed to do a pretty fair job of avoiding the symptoms of inflation. And President Roosevelt's men boasted of their superiority to the men of World War I. But actually the Government had failed to combat the real causes of inflation. Only...
Federal Reserve Board Chairman Marriner Eccles realized as well as anyone else that the soaring market was the result, rather than the cause of inflation. Said he: speculation on credit was a minor factor.
What must be done, said Eccles, is to balance the federal budget, stop selling Government bonds to commercial banks (which swells the supply of currency), and change the capital gains tax so that profits on speculation in stocks, real estate, etc. will be heavily taxed.
Opposite them sits the U.S. team. Assistant Secretary of State Will Clayton has a cottonbroker's sympathetic understanding of world trade problems but leaves technical questions to Treasury's Harry White and Federal Reserve's Marriner S. Eccles. The man the British try hardest to win over...