Memorandum from LAWRENCE FERTIG July 12, 1968 Dear Lu: Thanks for your good letter, which I received yesterday. It isn't difficult to be very pessimistic these days because the kind of world we are living in and moving toward is certainly not the kind you and I would like. It is not the world of freedom and law and order. But we have to live in it and since it's important to carry on, one must not let the course of events bow one down too much. Among the things which are really disturbing is the case of Murray Rothbard. I enclose the current issue of NATIONAL REVIEW (James Burnham's column with the reference to Murray Rothbard underlined). Now he is allied to the New Left. Imagine that! Just a short while ago he was on a Committee that favored Castro and Cuba. It's sad to see a brilliant mind like his go to pot that way. There isn't much news here. I gave a lecture on inflation and its consequences at the Foundation last week. Hans Sennholz was there and I was sur- prised that he agreed with me. The substance of my lecture was that libertarian 5 should not go around predicting imminent collapse of thefinancial structure because one cannot predict the coming of such an event with any degree of accuracy. The thing that must be feared is the continual erosion of freedom and the growth of government control. The frightening thing is that when inflation becomes hyper-inflation (as in Brazil and Argentina) the result is dictatorship. Bertha and I are happy that you and Margit are enjoying yourselves greatly in the fresh air of the mountains. We send you our warm greetings. Surry