Money Supply in Inflation

Archive Report

Monetary Policy in Control of Inflation

The nation entered its ninth year of uninterrupted economic growth in February 1969 with more to worry about than to cheer about. The longest span of prosperity in American history has spawned an inflation which sent consumer prices up 4.7 per cent in 1968, the biggest yearly rise in the cost of living since 1951. As the Nixon administration came into office announcing that inflation was its main economic concern, the country was already beginning to witness what an economist described as “a dramatic collision of two very powerful forces.” Albert T. Sommers of the National Industrial Conference Board pointed out that in early 1969 “Business has been much stronger than was expected [last summer], and the strength of ...

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