BATTLE OF THE BULGE: PART XV

Dear Sirs, Now comes the US$50-billion dollar question: will the severe recession temper inflation, down to 17 percent p.a. next year?

We think so, if accompanied with a suitable moderation in money supply. Painful but necessary. The trade balance is already moving into line.

We cannot live on tick forever, ever since 1810!!!

Bust wishes, David Parsons Via email