Fiscal, Monetary Restraint Will Win Inflation Battle, Rush Tells NAM
Kenneth Rush, the administrationÛªs recently appointed economic policy coordinator, said yesterday the administration would * win the fight against inflation with the ÛÏold-fashhioned remediesÛ of fiscal and monetary restraint ÛÏno matter how long it takes.Û</br></br>In his maiden speech as counsellor to the President, Rush t,old the National Association of Manufacturers that ÛÏsome may say that these remedies have been tried and found Wanting . . .</br></br>ÛÏThe answer is that we have tried them, hut not consistently and not for nearly long enough . . . but we will.Û</br></br>Calling the current problem ÛÏa traditional derriarid-fired inflation,Û Ru^h said, ÛÏwe intend to deal with this old-fashioned disease with old-fashioned remedies for the simple reason that there are no new ones that work.Û Rush didnÛªt predict immediate victory over inflation; ÛÏthese are painful remedies and they take time.Û he said. But, inflation cannot be stopped Û÷immediately without</br></br>In a panel discussion on ÛÏWhither Trade Negotiations?,Û deputy ' special trade representative Harald B. Malmgren said multilateral bargaining could start by late September-early October if the Congress passes the pending Trade Reform Act this summer. By bargaining, he said he means ÛÏserious discussions about priorities, at / lest informally.Û ÛÏThe time is right nowÛ for negotiations, Ambassador Malmgren said. ÛÏThese things are tricky, but you know in your heart that there is the right time to strike, arid I think this is it.Û He said the latest world economic problemsÛÓinflation, energy, food and materials shortagesÛÓmake it even more imperative to stabilize the trade system and make it work more effectively, so that worldÛªs nations can resist the internal political pressures to take actions to protect their own industries and certain prob-