President Nixon of the United States appealed for a complete reform of the world economic system, in an address to the annual meeting of the International Monetary Fund (IMF) in Washington on Monday (25 September).
GV INT. Delegates at conference. (2 shots) (silent)
SCU President Nixon speaking.
GV Delegates applaud.
NIXON: "We shall press for a more equitable and a more open world of trade. We shall meet competition rather than run away from it. We shall be a stimulating trading partner, a straightforward bargainer. We shall not turn inward and isolationist.
In turn we shall look to our friends for evidence of similar rejection of isolationism in economic and political affairs.
Let us all resolve to look at the ledgers of international commerce today with new eyes -- to see that there is no heroism in a temporary surplus nor villainy in a temporary deficit, but to see that progress is possible only in the framework of long term equilibrium."
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Background: President Nixon of the United States appealed for a complete reform of the world economic system, in an address to the annual meeting of the International Monetary Fund (IMF) in Washington on Monday (25 September).
President Nixon said the wold could not afford a system that presented a new invitation to a monetary crisis almost every year.
He said there must be a thorough going reform of the world monetary system to clear the path for the healthy competition of the future.
For its part, he said, the United States would continue to rise aid its world responsibilities. Added Mr. Nixon:
SYNOPSIS: President Nixon appealed to world finance leaders on Monday for economic reform and pledged America's support.
Mr. Nixon's message was well received by finance ministers and bank governors attending the International Monetary Fund meeting in Washington.