Skip to main content

View Diary: Polyphemus (259 comments)

Comment Preferences

  •  Pres. Kennedy spoke before the IMF (0+ / 0-) Sept. 1963:

    Twenty years ago, when the architects of these institutions met to design an international banking structure, the economic life of the world was polarized in overwhelming, and even alarming measure, on the United States.  So were the world's monetary reserves. The United States had the only open capital in the world apart from that of Switzerland.  Sixty per cent of the gold reserves of the world were here in the United States. The war-torn nations of Europe and the Far East faced difficult tasks of reconstruction with depleted and inadequate capital resources. There was a need for redistribution of the financial resources of the world and the financial strength of the free world. And there was an equal need to organize a flow of capital to the impoverished and underdeveloped countries of the world.

    All this has come about. It did not come about by chance but by conscious and deliberate and responsible planning. Under the Marshall Plan and its successors, liberal assistance was given to the more advanced nations to help restore their industrial plant, and development loans were given to less developed countries. In addition, private American capital was made freely available, and there was a steady liberalization of our trade policies.  In this effort, your institution, and more recently a growing number of industrialized countries, have played an increasingly important role. We are now entering upon a new era of economic and financial interdependence. The rise of trading blocs such as the Common Market offers new and greater challenge for trade liberalization. The United States has prepared itself to take advantage of those opportunities by legislation permitting an unprecedented reduction of trade restrictions and trade barriers. Our gold reserves are a healthy but not excessive 40 per cent of the world's holdings.


    Today we all believe in the achievements of intelligent cooperation; and under the wise and imaginative leadership of the governors here assembled, I feel sure this cooperation can be enlarged and extended. There is no more important group, it seems to me, in the free world than you gentlemen who are here; no group it seems to me bears greater responsibility.

    Given that liberals have historically championed institutions like the IMF, favored free trade and globalization, it's ironic that the "liberal" position today is against free trade and globalization and demonizes institutions like the IMF.

Subscribe or Donate to support Daily Kos.

  • Recommended (129)
  • Community (55)
  • Memorial Day (31)
  • Culture (29)
  • Environment (26)
  • Republicans (21)
  • Civil Rights (20)
  • Media (18)
  • Rescued (18)
  • Labor (17)
  • Education (17)
  • Elections (17)
  • Science (17)
  • Bernie Sanders (16)
  • GOP (16)
  • Law (16)
  • Climate Change (15)
  • 2016 (15)
  • Marriage Equality (14)
  • Racism (13)
  • Click here for the mobile view of the site