New PDF release: Defense, Controls, and Inflation

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By Aaron, University of Chicago. Director

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Arnold raised because it has something to do with the answer to all these questions. It might appear to be a truism to say that if we have a monetary inflation it could perhaps be curbed by monetary measures, but I do not believe that anyone here would suggest that we now have a purely monetary inflation. eems to hold that position, but I think he himself would agree that there are many other factors: the fear of further inflation, the feeling that a higher price level is inevitable, some growing lack of confidence in our money, and the recognition of the fact that we are now paying the penalty for prior errors.

For this session, Mr. Milton Friedman is asked to speak at this point as a summarizer and critic of the discussion so far. MR. HANSEN: Could I make one comment on Item II, A? It would seem to me one criterion that would apply to II, A, is: How large is the volume of capital outlays? So long as they remain very large, we need an' overbalanced budget. If we can cut the capital outlays to a very small figure, then the savings from business and other individuals can be applied to finance the defense expenditures.

The next thing I have to say is that I do not believe that monetary controls, in the sense that we have already begun to discuss them, can be very effective in preventing inflation. I do not believe that additional monetary controls as they can now be managed by the Federal Reserve, and with co-operation from other great banks, are strong enough; I do not believe that in history we can find ap example of pure monetary control preventing an inflation of the sort with which we are threatened, because the forces are too strong.

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