Memorandum from LAWRENCE FERTIG August 19, 1971 Dear Lu, Bertha and I were so happy to hear that you are feeling better, reading more and enjoying the country. As you continue to feel better you may want to read a little more extensively, so I enclose for your perusal, the article I con- tributed to your Festschrifft which will be published by the Institute of Humane Studies. I also enclose a memorandum I wrote to Leonard Read about inflation. As you will note, it stresses the point that inflation leads to controls and dictatorship -- but in the immediate future it need not lead to collapse of the financial structure. I have presented this viewpoint in all my lectures and also have discussed it with many of our friends, because so many of our people assert that there will be a financial collapse this year or next as a result of the inflation. Such predictions are inaccurate and do not treat the main fact about inflation the resulting loss of freedom. There is much to read in the newspapers these days about the Nixon plan. Labor unions are raising hell about it. At the end of 90 days, don't you think that there will have to be a con- tinuation of controls in some form or other? We seem to be headed down a very dangerous path. Well, our children are visiting us now and we are enjoying their company this summer. -- I'11 be talking to you and Margit on the 'phone during the next few days. Karry My best.