Brief von Tibor Scitovsky an Josef Steindl

Scitovsky, Tibor

1175 Ntrth L«mon Ave. Menlo l^ark, Cal. 94025 (415) 322 9109 February 23, 1980 Dear Josef, Many thanks for your Christmas letter. I am sorry not to have answered it sooner; but I am unbelievably busy this year, teaching a little both at Santa Cruz and at Stanford, and also trying to write a textbook on macroeconomics. I am very pleased that your stay at Sils did you some good; it makes me ask whether you could be persuaded to repeat the experience. We enjoyed those beautiful walks so much that we are going back for a fort night in July. I am going to a conference in Augsburg July 14-16; and we shall be in Sils, at the Chesa Randolina again, from July 17 until the end of the month. It would be nice to have equally good weather; but one cannot count on such luck. Please think it over whether you might be interested in coming; it would be awfully nice if you were. And I am sure it would again do you good being in such a beautiful place, with its excellent air and stimulating altitude*» I would also like to ask you a question. The accelerating inflation in this country and the utter incompetence of the Adminis tration and its economic advisers make me worry about the depreciation of my pension and of the modest accumulated savings I had to supplement my pension. I am wondering therefore whether I should not transfer part of those savings into a savings account in a less inflationary country. (In the US, the highest interest rate on savings accounts is slightly lower than the inflation rate, and about half of that is taxed away by Federal and State income tax.) Since Austria, unlike Switzerland and Germany, still pays interest on savings accounts held by non-citizens, I was wondering whether I should not go to Augsburg via Innsbruck there to open a savings account. But since Austria is far away and I cannot travel that easily, the whole thing would make sense only if Austrian savings banks, like The American ones, would let you mafe withdrawals and deposits by^mail*. * 'Sd *frhat I would like to ask you is to find out if you don 1 1 *and let me know if Austrian banks do that as a routine or are at least willing to do it. I hope you will not mind my asking you so many favors. We had a lot of rain and storms the last few weeks; but now it seems as if the spring were finally coming, which as you know is just about due at this time of the year in California. There is a iot of fresh green on the trees, mimozas and fruit trees are in full bloom; and Elisabeth works a lot in the garden. Best regards from both of us; and we very much hope to see you in the summer. Yours ever,

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