the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa
the dollar and world liquidity by robert v roosa

The Dollar and World Liquidity by Robert V. Roosa

Regular price $ 10.00 $ 0.00

New York : Random House, 1967. First Printing. Stated. Hardcover. 367 pages ; 22 cm. $7.95 dust jacket with minimal wear. Lite foxing on the side pages edge. Pages are age toned and unmarked. Binding is firm.


The Dollar and World Liquidity by Robert V. Roosa

Shortly after his election to the presidency John F. Kennedy stated that he considered the balance of payments situation one of the most dangerous, demanding and intractable problems confronting the country. Today, the problem of maintaining the strength of the U.S. dollar as the leading currency of the world not only remains unsolved, but threatens the entire workings of the international monetary system. The economic issues involved in the defense of the dollar have assumed a greater dimension; they are no longer the sole province of bankers and economists but are embedded in political doctrines and social philosophies.

At the time of the last major monetary-reform conference at Bretton Woods, in 1944, it was possible for the United States, as the only major country with a balance of payments surplus, to provide enough usable reserve currency to meet international needs. The dollar was the link to gold, priced at thirty-five dollars an ounce, and every other world currency was adjusted to the dollar. As Europe recovered from World War II, American aid programs, spending and investment abroad along with increasing European prosperity eventually brought about a situation where more dollars were going abroad than the foreign banks were content to keep. With the increasing demand to redeem dollars for gold we now find our reserves steadily declining. In effect, the question that must now be faced is how long the United States, as the world's principal bank, can remain solvent.

Mr. Roosa confronts the problems facing the dollar by explaining, step by step, the efforts made since 1961 to improve the functioning of the international monetary system. In a brilliant concluding analysis he proposes a program to supplement the dollar through joint action by a number of countries to establish an internationally usable reserve asset.

Robert V. Roosa whose distinguished position in economic affairs has long been established, is one of this country's most influential authorities on the monetary system. A partner in the private banking firm of Brown Brothers Harriman & Company since 1965, he is currently President of the American Finance Association, and is also a director of the Prudential Insurance Company of America, American Express Company, Anaconda Company, Rockefeller Foundation, National Bureau of Economic Research, and Council of Foreign Relations. Mr. Roosa received his Ph.D. and an honorary D.Sc. from the University of Michigan and an honorary L L.D. from Wesleyan. From 1961 through 1964 he was Under Secretary for Monetary Affairs in the United States Treasury. He and his wife and two daughters reside in Harrison, New York.

 

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