Word: mcchesney
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Dates: during 1950-1959
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...policy. Treasury Secretary Robert B. Anderson in a speech to the World Bank-IMF meeting noted that the U.S. is "gaining in the battle of inflation," but stressed "the continuing vigil we must keep to attain economic growth along with, and based on, sound money." Federal Reserve Chairman William McChesney Martin warned that nations yielding to inflation "will not have a higher standard of living but a lower...
Thus, William McChesney Martin Jr., chairman of the Federal Reserve Board, last week angrily waded into a raging economic argument. The subject: creeping inflation. That inflation is creeping nobody can deny. The August cost-of-living index figures show the twelfth consecutive monthly rise (see NATIONAL AFFAIRS). The argument is between those who say that inflation of any kind is evil and those who accept a limited amount of it as the inevitable price of prosperity and an expanding economy...
...their highest levels in more than 25 years, the Federal Reserve, whose tight-money policy was designed to offset the very real danger of runaway inflation and its disastrous consequences, is now starting to look around the next bend. Testifying before the Senate Finance Committee last week, Chairman William McChesney Martin Jr., who still emphasizes the perils of inflation, permitted himself a guarded hint that he thinks his policy may have succeeded. Said Martin: "I think savings are increasing rapidly. I am inclined to think we are reaching a leveling-out process, and interest rates may stabilize and even decline...
...Washington last week, a divergence of opinion about the state of the U.S. economy presented the nation with an equally Delphic appraisal. Said one top Government economist: "The danger of inflation has passed and the nation is in a phase of healthy economic readjustment." Federal Reserve Board Chairman William McChesney Martin Jr. disagreed. Testifying before the Senate Finance Committee, he insisted that inflation is the most critical economic problem facing the country, and that a rolling business adjustment is needed to avoid serious deflation. Said the A.F.L.-C.I.O., mirroring the views of some key Democrats: the Administration's tight...
Testifying before the House Banking Committee , last week. Federal Reserve Board Chairman William McChesney Martin Jr. described the problem of controlling the vigorous U.S. economy in terms that even a schoolboy could understand. The Federal Reserve Board, said Martin, is in the position of the ancient Danish King Canute, who demonstrated his human limitations by giving orders to the tides. Yet Martin made it clear that even if the U.S. economy is too strong for the Fed, some attempt must be made to control or at least temper its insatiable appetite for money. Said Martin: The Fed's tight...