US Presidency
1974

Today, the economy of the world is under unprecedented stress. We need new approaches to international cooperation to respond effectively to the problems that we face. Developing and developed countries, market and nonmarket countries we are all a part of one interdependent economic system. The food and oil crises demonstrate the extent of our interdependence. Many developing nations need the food surplus of a few developed nations. And many industrialized nations need the oil production of a few developing nations. Energy is required to produce food and food to produce energy- and both to provide a decent life for everyone. The problems of food and energy can be resolved on the basis of cooperation, or can, I should say, [ be ] made unmanageable on the basis of confrontation. Runaway inflation, propelled by food and oil price increases, is an early warning signal to all of us. Let us not delude ourselves. Failure to cooperate on oil and food and inflation could spell disaster for every nation represented in this room.