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THE BALANCE OF PAYMENTS PROBLEM OF THE UNITED STATES: ITS BACKGROUND, CAUSES AND A POSSIBLE SOLUTION.
NAVAL POSTGRADUATE SCHOOL MONTEREY CA
The United States, while enjoying the highest level of prosperity in its history, is, at the same time, faced with the possible loss of its monetary gold reserves due to a chronic deficit in its International Balance of Payments. Actions have been taken to eliminate the deficit in the balance of payments. These, however, if successful, offer only a short term solution to the problem. What is required is a solution which will not only assist the United States in eliminating the deficit, but will also prevent the annual recurrence of balance of payments crises. This paper discusses the Balance of Payments problem, its background and causes and proposes one long-range solution to the current problem. Author