Everyone else must pay for US crisis

Workers Press no. 731, 5 April 1972 · scan page 3

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PRESIDENT Nixon has demanded further international trade negotiations to restore 'a healthy trade surplus and a strong financial position for the United States'.

He was speaking on Monday night after signing into law a Bill which raises the dollar price of gold from $35 to • $38 an ounce.

He described the Bill as a basic point of departure in vorking for international economic stability and said his action yesterday would be followed by continuing efforts to give US businessmen and farmers 'fair access' io foreign markets. •Such access' can only be achieved at the expense of. slashed consumption to put the markets, perhi achieved at the expense of A.a :. US employers back on their feet. of maccina businessmen and farmers in other countries-above all in the main centres of capitalism outside the Nixon's statement follows similar demands from his Treasury Secretary John Connally and Connally's assistant Paul Volcker, both of whom have called on European and Japanese capitalism to shoulder the burden of providing America with a balance of payments surplus.

After Nixon had spoken. Volcker told reporters that dollar devaluation-agreed in level talks on December 18 year—did not solve all the problems.

The next stage, he said, agreement on trade to help US improve its balance of ments.

In other words, Europe Japan must accept increased amninument. Inse of markets top last US was payand unand slashed consumption to put the US employers back on their feet.

concessions from his foreign competitors underlines the critical character of the international economic situation since he ended the dollar's convertibility with gold on August 15 last year.

fundamental crisis in the sphere of capitalist exchange, because no one can any longer rely on the value of paper currency.

direct impact on production through the growth of recession throughout the capitalist world.

the winning post.

An explosion on The urgency of Nixon's call for This action has precipitated a The monetary crisis now has a and on the political situation With only seven months to go to the presidential election, Nixon is terrified that the shaky international monetary arrangements will not endure long enough for him to scrape past