A Monetary Prescription for an Ailing Economy

T IS good to have this opportunity to present my views regarding inflation and the economic outlook. I find it rather sobering to reflect that our country, as well as most other major industrial countries, has experienced almost a decade of rising inflation. In reviewing economic history, I find that we are at a point similar to 1939 in that then too our country, along with the rest of the world, was ending a decade of economic difficulty — a recession. The disquieting similarity is that in both instances some prominent individuals could see no end to the situation in sight and counseled us to learn to live with it.