Word: inflationitis
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Dates: during 1960-1969
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Milton Friedman's opinions have particular weight now because the Nixon Administration has placed great reliance on the policies that he prescribes to deal with the current inflation. Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job...
In Friedman's monetarist view of economics, the chief instrument for controlling movements of the economy is the seven-man Federal Reserve Board. For months, the board has been following a tight-money policy of unusual severity. A year ago, it began to hold back the growth of the money...
The board is split by a rare public debate over whether, when and by how much to expand the money supply. Last week Vice Chairman James L. Robertson called for "tighter and more painful controls" to eradicate the nation's "inflation psychosis." Such tough talk reflects a serious worry that...
(3 of 10) that it has created a severe risk of recession. Though neither embraces Friedman's whole concept, they maintain that the board should pay less attention to fluctuations in the money market and more to fundamental trends. They also have been arguing since last August that unless the...
Nixon faces a dilemma. Inflation is his No. 1 domestic problem and, though it started long before he came into office, it is rapidly being identified in the public mind as "Nixon's inflation." The American people are angered and frustrated by inflation, and the polls show that an overwhelming...