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9-8515 —$ a ro n 1940 Cjcean venue /Brooklyn 30, fj. I). Sept. 28, 1947 Mr. M. S. Socles Federal Reserve Board Washington D. C. Dear Sir: According to certain statement made by you.from time to time, it hardly seems believable that a m an in your position could show such stupidity. The inflation that we have now was in all reality started when labor embarked upon their wage rise program in spite of the fact that they were warned time and time again that this would happen if they did so. We now have a vicious inflation spiral that will end only in one grand bust. It was not caused by the removal of wartime controls, such as the OPA. Those who preach this notion are delib erately trying to confuse the issue and to inflame the people to the point of demanding a resumption of red fascist price controls. I well recall the huge banners in front of every communist party headquarters in this city demanding "Keep Price Control". Price control is not the answer are but two possible avenues of inflation; increased production and more economy on the part of of its insane and wild spending. in a democracy. There escape from further and decreased borrowing our government instead Our proposed aid to European countries is merely throwing more and more dollars down a rathole and will result only in dragging us down to their level. O cto b er 1 3 , 1947« Mr. Aaron A. Gamsey, 1940 Ocean Avenue, Brooklyn 30, New York. Dear Mr. Gamsey: Chairman Eccles suggested that I send you a copy of his recent Address to the State Bank Com missioners, as it would appear from your letter of September 28 that you had not seen the full text. Sincerely yours, Elliott Thurston, Assistant to the Chairman. Enclosure ET:ra
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