COPY FOR DR. LUDWIG VON MISES FREDERICK NYMEYER, 16546 South Park Avenue, South Holland, Illinois, U.S.A. July 31, 1964 Honorable Barry Goldwater Senate Office Building Washington 25, D. C. Dear Sir: I am pleased that you are the Republican candidate, and I shall vote for you. I am enclosing a copy of John Stuart Mill's ON LIBERTY. I think it is the best that has ever been written on the subject. I know how busy you must be, but if you read the first twenty pages of this you will know what the book is like. Assuming you are elected, I think your greatest problem is going to be INFLATIONISM. Eisenhower, when he was elected, put Burgess in as an assistant secretary of the Treasury. Burgess "knew the score, fully realizing that the country would eventually be ruined by inflationism. He initiated steps to stop the con- tinued increase in money supply. Within four months the stock market was moving downward so rapidly that it was necessary to reverse the policy. Burgess was discredited and inflationism went on apace. The law of the land requires the Federal Reserve Board to increase the money supply fast enough to raise prices enough so that there will be no unemployment. In other words, inflation- ism is incorporated in our laws. William McChesney Martin is, in my opinion, a remarkable man, but HE cannot stop inflationism. The greatest living economist, Dr. Ludwig von Mises, 777 West End Avenue, New York 25, New York, now past eighty, has written the classic against inflation. He will tell you that the process of inflationism cannot be stopped without consider- able economic shock. I would like to recommend that you become acquainted with Dr. von Mises and his basic ideas, and that you follow his advice. He should be able to tell you better how to make an adjustment from an inflationary economy to a non- inflationary economy better than any living man. Eisenhower did not realize, and Burgess was not enough of a politician to understand, that Burgess's program of stopping inflationism required a PRIOR education of the public, before a remedy was attempted. Ludwig Erhard, Chancellor of Germany, belongs to the same school of thought as Dr. von Mises. When DeGaulle became the head of the French government he put another Mises-type financial man in charge of curbing inflation, stabilizing the franc and improving French economic conditions, namely Jacques Rueff. Rueff's special goal was to stabalize the franc without a depression.