• Short Summary

    FOR YEARS, LEADERS OF ONE COUNTRY OR ANOTHER IN THE WORLD HAVE BEEN TALKING ABOUT IMPROVING THE MONETARY SYSTEM AMONG NATIONS.

  • Description

    1.
    GV.INT...HA...DELEGATES SEATED (SILENT)
    0.08

    2.
    CUPPAN...IRAQ DELEGATES, PAN TO OTHERS (SILENT)
    0.12

    3.
    SV.JOHNSON SPEAKS SOF BEGINS: "AMERICAN DOLLAR DEFICITS... SOF ENDS: ....EFFECTIVE AND ADEQUATE SUBSTITUTE."
    2.21


    TRANSCRIPT: SEQ. 3: PRESIDENT JOHNSON: "THE AMERICAN DOLLAR DEFICITS HAVE BEEN ONE OF THE IMPORTANT FACTORS IN THIS GREATEST AND BEST-SUSTAINED PERIOD OF PROSPERITY THAT THE WORLD HAS EVER KNOWN. THE U.S. DEFICIT MADE IT POSSIBLE FOR MANY NATIONS TO DEVELOP THEIR OWN CURRENCIES AS STRONG AND CONVERTIBLE SOURCES OF INTERNATIONAL FINANCE.



    IT IS NO LONGER APPROPRIATE OR POSSIBLE FOR ONE COUNTRY ALONE -- THROUGH ITS DEFICITS -- TO BE LARGELY RESPONSIBLE FOR THE CREATION OR WORLD RESERVES. MOREOVER, THE EROSION OF U.S. RESERVES FIRM ACTION TO ARREST THE DOLLAR DRAIN. SHOULD FURTHER ACTION BE NECESSARY IN THE FUTURE, SUCH ACTION WILL BE TAKEN.



    I WANT TO BE VERY CLEAR ABOUT THIS. WE MUST, IN OUR OWN INTEREST AND IN THE INTEREST OF THOSE WHO RELY ON THE DOLLAR AS A RESERVE CURRENCY, MAINTAIN OUR PAYMENTS IN EQUILIBRIUM. THIS WE WILL DO. THE WORLD NOT ONLY EXPECTS BUT REQUIRES THAT THE DOLLAR BE AS GOOD AS GOLD. THE LONG PERIOD OF U.S. DEFICITS HAS COME TO AN END. IF GROWTH IS TO CONTINUE AND TRADE IS TO EXPAND, WE MUST PROVIDE AN EFFECTIVE AND ADEQUATE SUBSTITUTE."




    Initials JRG/V/JH/JG



    Script is copyright Reuters Limited. All rights reserved

    Background: FOR YEARS, LEADERS OF ONE COUNTRY OR ANOTHER IN THE WORLD HAVE BEEN TALKING ABOUT IMPROVING THE MONETARY SYSTEM AMONG NATIONS. YESTERDAY (FRIDAY) IN WASHINGTON, AFTER A WEEK OF TALKS, FINANCIAL CHIEFS OF TEN MAJOR INDUSTRIAL POWERS -- BUT NOT FROM THE SOVIET UNION -- GOT A STEP NEARER TO A COMMON COURSE OF ACTION.

    THEY VOTED WITHOUT DISSENT TO DETERMINE WHAT BASIS OF AGREEMENT COULD BE REACHED ON IMPROVEMENTS NEEDED. THEY WERE GATHERED AT THE ANNUAL MEETING OF THE WORLD BANK AND INTERNATIONAL MONETARY FUND. THE FEAR IS OF THE POSSIBILITY OF WORLD-WIDE DEPRESSION, THE NEED, PERHAPS IS FOR THE CREATION OF A NEW INTERNATIONAL CURRENCY.

    PRESIDENT JOHNSON ADDRESSING THE MEETING PUT THE US POINT OF VIEW:

  • Tags

  • Data

    Film ID:
    VLVA4FBGVMGQ6C5XYLIZ4BK8IAU56
    Media URN:
    VLVA4FBGVMGQ6C5XYLIZ4BK8IAU56
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    02/10/1965
    Sound:
    Unknown
    HD Format:
    MP4
    Stock:
    Black & White
    Duration:
    00:02:21:00
    Time in/Out:
    /
    Canister:
    N/A

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