--: 4B -"•'' Ogden Standard-Examiner,- Wednesday, : October 6, 1971 C, • President Nixon's, f o r,e I g n' - ;;m««etary;policy 10 per cent sur- 7,-'.charge and.; devaluation of the - - '^dollar—was ; "long overdue," ac"-cording to'Dr. Elroy Nelson, ."-vice president and economist for *'First'Security Corp. . •>_•• Speaking at-a luncheon for the .-'Ogden Lions Club at the' Ra- "mada Inn Tuesday, Dr. Nelson . said that the United States is "" "in a position to bargain with for'"" eign countries and induce them to remove their trade barriers. He said President Nixon's policy is a "retaliation of what's been happening over the years. We are allowing the dollar to float in exchange "and are bar-1 ments- We/have imported more . .'• ... -.-.;,' j t.-ii: iil+han wi> havo pxnftrted and our gaining with "the devaluation of ,the dollar," ,-,• . Vv' :: ;: '•'•'• GOLD STANDARD : •The • ^United"States-. has. gone off the gold standard,, he said, r- .i _r:_^i ' '4-iwiA - c-T^/>a +ViO than we have exported and our goods .were beingjiit with a,surcharge "while we attempted to carry on low tariff trade. "We attempted to rebuild-the economies, of Japan and -Ger- 1930's. There should be no hurry to'go back to the system. Using this for bargaining leverage, he said, .we .are. "asking-the-rest of the world to do some modifica- on to their monetary pro- rams." He explained that the U.S. became involved in money prob- 011 me KOlu S[anu<uu,, nc aciju, .,v-«..~.«-—.• -*. —!—for the first- 'time- : :since the many.after the war. We encour- 1930's. There should be no hurry >ged them'to rebuild .their own 'industries and to add a tariff to compete with the U.S. Now. the countries-are unwilling to remove the tariff," he explained. . The purpose of the surcharge said Dr. Nelson, is to induce other countries to remove "nuis- C<mic invuivcu mvncj yo.\/*^ wui^i \^/u^iLA*^.^> W *w»».v.v ——-— Jems .through a deficit of pay-'ance" trade barriers so we. may have the chance to sell more goods. Then we'will remove the. surcharge.':/;'-' ;'i c " -,""-• ••• ' NOT BALANCED After World War II, the U.S. owned $26 billion of the $35 billion in gold in the world. Today the U.S. has a" little over $10 billion in gold- "There is an unfavorable balance of payments," he noted- , .....-..This is due in part, he said, to increased investment of foreign money into U.S. savings institutions. There are no limitations to interest paid to'foreign money so. a net $30 billion deficit has developed over the past three years.: , .,-, , --. •.-/.". •. . .. !•• In additipn, - a deficit of payments amounting to $10 billion was recorded from 'February through August of 1970, The rest of the world owed the U.S. $71 billion, and the U.S. owed the world $81 billion. The .deficit has been building since 1968 when a $1.6 billion deficit first developed. • Dr- Nelson predicted that it will take longer than the President's Nov. 13 target date to improve the foreign money situation. He did .not give a possible date. Touching briefly on the wage- price-rent .freeze in the U.S., he said that -President Nixon ."has •rekindled a spark of hope, , of. anticipation of economic .-development." : ••• What after the freeze? .Will people quit saving a little bit more and start spending a little bit more? All indications in the Ogden area are that trade is picking up fairly well. Retail business has been • off somewhat due to what Dr. Nelson termed consumer worry and disappointment and an increase in unemployment • CLEAN, FILTERED SOFT WATER Fully Hydro Electric Automatic MARKCTTE Softener Rentals M 9S P er We own—services itself ™T month Culligan Water Conditioning Co. Over 25 Year* ot 263 24th Street 394-9479 It's Penney Days! And suddenly every • • • •• •_ __•--'_?_•_•_ JE. ^ i^ - «• ..—. - -.^^ ..i-^'---•—-—.- . •• .. -. .' Before the first snow—take 15% off every coat $40 and up. / Now thru Saturday. Afl our best sellers are here. Wools, . wool/nylon blends, a whole ; menagerie of rayon pile-fake furs; With hoods, borders, snappy buttons, and pockets. Choose tapestries, tweeds, solids and plaids. Choose all lengths from mini to Gibson. For misses, . women and juniors. •---:• save Sale S 3 Reg. $4. Crossover bra. Stretch bra of nylon/Lycra spandex with nylon lace cups adjustable stretch straps.- White, nude. 32-36A, 32-40B, 32-42C. Sale 2 save $1 Reg. 2.50. Crossover bra. White cotton bra with nylon lace upper cup. Adjust- abl stretch straps. Sizes .32-36A and 32-40 B, C Also in D cup sizes 32-40. save $1 Sale '3 Reg. $4. Garterless long leg panty girdle with.elasticfzed-cuffs. Nylon/Lycra® spandex.- Front .control panels. Sizes S. M. L. XL. Many other styles available at similar savings $ 6 save $1 Reg. $7. Garterless' panty g.irdle has leg cuffs to keep hosiery in place. Ny- lon/®Lycra spandex. Control panels at sides, tummy. Sizes S.M.LXL Sale priced thru Saturday "_ 1 Include] Agilon® ilretch nylon, .or- miracla- fitting pantyhose ' Proportioned size! ' Nud« or reinforced h««l ' Important fashion >had« .,Non-cling slip of Antron® III nylon tricot. Sheer nylon hem at top and bottom. | Assorted colors Sizes 32-38 short, 34.44 regular a;nd long Women's sizes 46-52. White only.-$5: : Special 3 for $3 Lightweight «la«tic leg bri«f« "are run-resistant nylon tricot in a variety of colon. 32 to 40. Alie In lizei 42-46, 3 for "3.50. • .,.-:,_ "": The values are here every day. Use your JCPanney charge-card. Shop Mon. and Friday till 9 p.m.
What members have found on this page
Get access to Newspapers.com
- The largest online newspaper archive
- 11,200+ newspapers from the 1700s–2000s
- Millions of additional pages added every month