Professor Lionel Robbins The London School of Economics Houghton Street, Aldwych London, England November 12, 1947 Dear Professor Robbins: It was very kind of you to send me your new book "The Economic Problem in Peace and War" as well as your article "Inquest on the Crisis", published in the Lloyds Bank Review of October, 1947. I always read with great pleasure and interest all that you write and am full of admiration for the brilliance of your style and the clarity of your thinking, even when I must disagree with the content of your dis- quisition. I sadly recall the days when I could consent to your reason- ing and the conclusions you drew from it. I do not believe that it is of any use to engage in po- lemies. But there are statements and contentions which, if not contra- dicted, could create su h mischief that to remain silent would be impar- donable. I refer to your remarks about the sterling convertibility on pages 16 - 19 of your "Inquest on the Crisis." It is not my intention to enter anew into an inquiry concerning the problems of foreign exchange control and the endeavors to use it as a tool to keep foreign exchange rates at a point below that which the market has fixed. I remember that