It cannot be emphasised sufficiently or repeated often enough that it was the duty as well as in the vital interests of the Governments of the free world to do anything reasonable to assist the United States in her effort to restore the dollar’s strength. But their moral obligations to that end were mitigated by the extent to which the dollar problem was her own fault. Quite obviously the countries of Western Europe and Japan could not reasonably be expected to make sacrifices and inflict near-masochistic inconveniences on themselves just in order to spare the United States of the political effects of pre-election devaluation of the dollar or to enable Mr Nixon to win the support of the American electorate by inflating with comparative impunity. Nor were the Governments of the free countries under any moral obligation to help the United States against the effects of ‘dollar-imperialism’ on her gold reserve.
KeywordsUnited States Central Bank Moral Obligation Free World American Firm
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