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THE WHITE HOUSE W A S H I NG T O N /v/ilea^ ^ (cJh\$ / >P d >> > lc ~ 2 * .rf (Ae_ January 5, 1973 hr** ^ f ,✓ Dear Arthur: Your thoughtful December 28 letter enclosing the excellent address have been the objects of several evenings' repeated reading! ^ ci*ic<in«e£' You are quite correct in identifying inflation as f> ^ > the most critical economic problem we now face, Nov ^j ,<?7* and I was indeed pleased to see, on pages 10 and HuJ- 11 of your address, your strong appeal that we resist any tendency to adjust to inflation. As Cover * tftr +Uyou point out, the only responsible course is to i '.A . V fight inflation hard, and this is precisely what I intend to do. We are in the same corner in this ongoing battle, and I look forward to having your wise council and help over the next four years in meeting the challenge. With warm personal regards, Sincerely, Honorable Arthur F. Burns Chairman of the Board of Governors Federal Reserve System Washington, D .C . 20551 e cortet 7( *