Word: inflationâ
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Dates: during 1932-1932
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...piece of fiscal news down before the House Committee?namely, that the Federal Reserve was in the market for U. S. securities as never before. Its purchases were part of the Government's new determination to pump credit into the country?a process its friends call "reflation" instead of inflation???under the provisions of the Glass-Steagall bill. Not until its statement was issued later in the week was the full extent of the Federal Reserve's pumpings evident to the country...
Most economists view R. F. C. as inflation???the creation of credit where credit did not exist before. But President Hoover, like many another man to whom words are good or bad per se, dislikes the word inflation, prefers to call his relief policies counter-deflation. Business and banking have been spinning in a downward spiral?bank runs, heavy sales of assets to keep liquid, reduced security values, more fear, more runs, more sales, still lower values. It is to arrest this process that the Government has interposed R. F. C. on the theory that $2,000,000,000 will...