"They have a duty either to say to the country, "We propose to continue with inflation at its present level and to maintain or 'contain' it at that level, because otherwise there would be at least a temporary loss of growth and unemployment", or, alternatively, to say, "So great and intolerable are the consequences, direct and indirect, social, moral and economic, of on-going inflation at a cumulative rate of nearly 10 per cent. per annum, that we intend to bring that rate down steadily, consistently, perceptibly, and...we tell you that the price which we shall have to pay for that will be some reduction in growth and in employment." ... I am prepared to say, as I have done over and over again, that I believe inflation at 10 per cent. per annum cumulative to be an evil far more dangerous, far exceeding in its consequences the cost of the temporary dislocation which is involved in terminating it. I have said that time and again... We either go on at present with the present rate of inflation or else we deal with inflation and incur the temporary cost in terms of output and employment. In the real world there is no third choice. What the Government are doing with their counter-inflation policy is declining to take that decision in the open, declining to come forward and make clear which decision it is that they have taken, and using the counter-inflation policy as a means of pretending that a third course exists when they know that it does not."