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Four months ago Canada adopted the over-all ceiling plan-devised by Elder Statesman Bernard M. Baruch out of his World War I experience-after piecemeal stopgaps had failed. Now the U.S. was in the same fix. Price Boss Leon Henderson, who had tried to control prices by tackling them one at a time, was like a man with a rotted garden hose; as soon as he repaired one leak, a new one popped...

Author: /time Magazine | Title: INFLATION: Ceiling for Everything | 4/13/1942 | See Source »

Determined to avoid retail ceilings because of enforcement problems, Henderson had to proclaim the first one when Pearl Harbor started a buyer's panic for flashlights. Since then curtailment of civilian goods has forced more & more ceilings: on autos, tires, refrigerators, radios, 44 household electrical appliances banned by the War Production Board last week...

Author: /time Magazine | Title: INFLATION: Ceiling for Everything | 4/13/1942 | See Source »

...Henderson, who has long been frightened of a universal ceiling, is not quite so worried. On a trip to Canada last October, he found that a nation's price-sensitive housewives make as good a staff of investigators as a price boss could...

Author: /time Magazine | Title: INFLATION: Ceiling for Everything | 4/13/1942 | See Source »

...whenever it comes, the final necessities of price control will have to be dealt with. Chief among these necessities: 1) complete licensing and rationing; 2) rigid Government mopping up of a large part of consumer income via taxes and compulsory (if necessary) bond sales. For the long run, Leon Henderson has the price-control headache, but Henry Morgenthau has the aspirin...

Author: /time Magazine | Title: Catalogue of Fears | 4/13/1942 | See Source »

...principal credit for spotlighting forced saving: 1) Leon Henderson, OPA price fixer, talked ominously last February about the "inflationary gap." This year, said Henderson, in round figures, our spendable national income will amount to $80 billions. Only $65 billions of consumable goods (1941 prices) will be available. 2) England's urbane, puckish, innovating economist, J. M. Keynes, originally detonated the deferred-pay bombshell in November 1939. The Exchequer pooh-poohed Keynes in 1940, but put a part of his idea into the 1941-42 budget...

Author: /time Magazine | Title: Forced Loans | 4/6/1942 | See Source »

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