The Monetary Muddle
Publication:
The Empire Club of Canada Addresses (Toronto, Canada), 19 Feb 1976, p. 288-300


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The Monetary Muddle


Importance of the U.S. dollar. A view from two angles: What is the value of the U.S. dollar internally, in the United States, and what is its value externally, outside the United States? A review and discussion follow. What the value of the U.S. dollar depends upon (in the U.S.). The issues of deficit and inflation. The issue of deficit spending by the government. Where current policy is going to lead. Outside the U.S. the dollar is a commodity. The issue of balance of payments. The value of the dollar of the U.S. depends greatly "on the faith of the world in our economy, or the lack of faith in their own economies." Inflation causing collapse of societies. The role of gold. The International Monetary Fund. The Swiss franc and the situation in Switzerland. The uncertainty of the dollar.