US Presidency
1961

For negative, shortsighted remedies will do more to weaken confidence in the dollar than strengthen it; and this Administration, therefore, during its term of office, and I repeat this, and make it as a flat statement has no intention of imposing exchange controls, devaluing the dollar, raising trade barriers, or choking off our economic recovery. What we will do, and have been doing, is to take a series of positive steps to reduce our outpayments and to increase our receipts from abroad. First of all, we recognize, as already stressed. that this country can not solve this problem alone. Our Allies have a vital interest in its solution. Because, let me repeat, if it were not for our national security commitments abroad, which defends our own interests and that of our Allies, the United States would have gold pouring in, rather than pouring out. It is this commitment which is extremely large and constant which gives us our problem, and should be so recognized. Our Allies, therefore, have a vital interest in the solution.