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May 1980

An Inflation Generation

by Lawrence Roos

It was years ago that Winston Churchill came to Westminster and warned his audience and the nation of an ominous threat to our peace and security by enemies from abroad. The course of world events in the intervening years has fully justified his concern. Today, I would warn you of a different threat of similar gravity—a threat that, in this instance, comes not from abroad but from within our own society. It is a threat so complex and confusing that, to paraphrase John Maynard Keynes, not one man in a million fully comprehends its true nature. The threat I would warn you of is accelerating inflation—a burden which our nation has endured for the past decade and which, unless appropriate countermeasures are promptly taken, is likely to have catastrophic economic, social, and political consequences in the years to come.