Tape 133 - Supporting the dollar; monetarism; US on the bargain block

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Narrator	Welcome once again as MIT professor,	0:02
	Paul Samuelson	0:03
	discusses the current economic scene.	0:04
	This series is produced	0:06
	by Instructional Dynamics Incorporated.	0:07
	This program was recorded July 30th.	0:10
-	[Professor Samuelson] Before I analyze	0:13
	where we now stand in the American economy	0:14
	and where we're likely to be going til the end	0:17
	of the year,	0:20
	I'd like to try to field two questions that have been	0:21
	sent in to me.	0:23
	The first is from a retired investment banker.	0:25
	The second is from a business school professor.	0:28
	Here's the first question.	0:31
	What are the arguments against the United States government	0:33
	actively intervening to support the dollar?	0:38
	Actually in recent times, I've veered over towards	0:42
	counseling the treasury and the council reserve	0:45
	to agree in principle to such support operations,	0:48
	and I've subsequently learned from reading the newspapers	0:53
	that we have in fact, changed over to that position.	0:56
	The Fed seems in fact already to have engaged	1:02
	in some support operations.	1:05
	The details are not clear on the actual magnitudes	1:08
	of such operations,	1:12
	nor is it clear, or at least it's not clear to me,	1:14
	whether this is in some kind of formerly agreed upon	1:16
	concert, along with support operations by various	1:20
	European countries, or whether we're going alone.	1:24
	What does seem clear is that we are not now facing	1:28
	absolutely clean floating.	1:32
	And hence, I suppose, in a sense we can't be sure	1:36
	in what directions the winds of unfederated competition	1:40
	are really tending to push for an exchange rate.	1:45
	For example, it might be the case that the underlying	1:49
	speculative forces are still against the dollar.	1:51
	But that these forces are being covered up by some amount	1:55
	of defensive support.	2:00
	Such a fundamental speculative trend, if indeed it does	2:04
	exist, must of course be distinguished sharply	2:07
	from the underlying basic trend in the balance of payments.	2:11
	The basic balance of the United States	2:16
	may well be improving,	2:18
	as so many experts profess to be the case.	2:21
	And yet at the same time, the speculative forces	2:24
	could still be pushing in the other direction.	2:27
	Well, why my own shift in position?	2:31
	It certainly wasn't to accommodate the French,	2:36
	or to gain favors with other nations abroad	2:39
	that have been urging us to support our dollar.	2:43
	This doesn't mean that I agree that giving such	2:47
	accommodation in order to gain popularity with ones allies	2:51
	is never to be recommended.	2:55
	Often we still have good reason to wish to keep	2:58
	the good will of Japan and western Europe.	3:00
	I myself have never believed in the doctrine	3:03
	that you can kick your allies around,	3:07
	that you can treat them with benign neglect,	3:11
	that you can just forget completely about their wishes,	3:14
	and let them unilaterally appreciate their currencies	3:17
	if they don't want to accumulate dollars.	3:21
	But nonetheless, for a dozen years, I had to warn	3:25
	against defending the indefensible.	3:28
	When your good friend wants you to support your	3:31
	overvalued currency, you must tell him politely	3:34
	that this makes no sense.	3:38
	No sense for you, the deficit country,	3:40
	or for him, the surplus country.	3:43
	The reason then for my changing over to the view	3:46
	that the US government might now judiciously intervene	3:49
	to support a dollar that is being depressed	3:53
	only because of Watergate jitters,	3:56
	and because of self fulfilling but wrong minded	3:58
	speculative hopes and fears, is this-	4:02
	there's now accumulating evidence that the dollar	4:06
	is no longer overvalued at a long term basis.	4:09
	Therefore, the smart long run position, both for the	4:13
	speculator and the so called investor,	4:16
	is against betting on further depreciation of the dollar.	4:19
	I see no reason why our government,	4:24
	if it has carefully analyzed the odds,	4:27
	should not invest on the right side,	4:29
	on the long run profitable side.	4:32
	In doing this successfully, it will inflict losses	4:36
	on the speculators and on the nervous hedgers.	4:39
	But I must say, that couldn't happen to a nicer bunch	4:43
	of guys.	4:45
	I do not believe that the government has no business	4:48
	in principle, in investing or speculating.	4:52
	On the contrary, I think it has a duty	4:56
	to counter speculate when reason and information	5:00
	convince rational and well informed authorities	5:03
	that the market is temporarily speculating	5:07
	against fundamental economic forces.	5:10
	Now of course I do recognize that there's always a danger	5:14
	that governments will not act in a well informed	5:16
	and reasonable way for clearly legitimate goals.	5:19
	Thus, because of political pressures,	5:25
	a government may support the price of wheat	5:28
	when fundamental economic forces say that its market	5:30
	price should be tending downward.	5:33
	Maybe doing that just to curry favor with farmers.	5:35
	It may be doing that in austriacus, irrational fashion.	5:38
	But 1973 support of the dollar does not in my view	5:43
	fall into such a category.	5:47
	And actually, those among us who favor flexible	5:50
	exchange rates, ought to realize that the apparent	5:54
	instability of the dollar in the face of what seems	5:58
	to be an improving basic balance,	6:01
	is itself definitely undermining their good cause	6:04
	of greater flexibility in the exchange rates.	6:10
	Judicious support that is likely to make the government	6:13
	win money in the long run, and is likely to speed up	6:18
	the approach to the true emerging nonequilibrium,	6:22
	is therefore a desirable thing.	6:27
	Now, those are the reasons upon which I would rest	6:30
	my case for such support.	6:34
	But let me try to be responsive to the question asked.	6:37
	What are the arguments against this position of mine?	6:42
	Well, first there is the argument that we should	6:47
	give clean floating a chance, so that the market	6:48
	can prove to doubters that it will rapidly adjust	6:52
	its speculative flurries to long run equilibrium trends.	6:55
	And in a measure, I suppose that's what we've been doing	7:01
	in delaying our support so long.	7:04
	But there's not very much interesting that I know	7:08
	of to say about that first argument.	7:11
	More weighty is the following second argument	7:14
	against support of the dollar by the US government.	7:16
	We have the recognize that there may be up to	7:20
	80 billion dollars of unwanted reserves abroad	7:23
	in the hands of the central banks.	7:26
	Suppose that every time the dollar improves,	7:30
	those unwanted dollars try to come back here	7:33
	in exchange for francs, marks, and other currencies.	7:36
	Indeed, even in the absence of such improvement	7:40
	of the dollar, suppose such unwanted dollars keep	7:44
	trying to get converted back into foreign currencies.	7:47
	Then the dollar will always tend to sag.	7:52
	Indeed, if we include a big item of such returning dollars	7:56
	in the basic predictable balance of the next five years,	8:00
	then perhaps our basic balance, even though it's improving,	8:06
	is still in deficit.	8:09
	In other words, taking into account such a predictable	8:12
	return flow of several billions of dollars per year,	8:16
	the dollar may still be overvalued on a half decade basis.	8:19
	In that case, it would indeed be a mistake for us	8:25
	to be supporting an overvalued dollar.	8:27
	Of course, in that case it's even sillier for France	8:31
	and other countries to be objecting to the sagging	8:33
	of the dollar.	8:35
	The dollar rate should, under this assumption, sag.	8:37
	The other countries can't have their cake and eat it too.	8:41
	They can't want to redeem dollars,	8:44
	and also refuse the United States a whopping surplus	8:46
	in its merchandising current accounts	8:49
	to give it the where with all to redeem those dollars.	8:51
	So in effect, under those circumstances,	8:55
	when other countries encourage us to support the dollar	8:58
	under the assumption that the 80 billion of past	9:01
	overhang is not removed from the picture,	9:03
	they are in effect asking us to do surreptitiously	9:07
	what we have rightly refused to do on an outright basis.	9:10
	Namely, they are asking us to use our support operations	9:15
	as a leaver to fund our dollar debts abroad,	9:19
	in effect granting them some kind of an exchange rate	9:25
	guarantee on those dollar obligations.	9:28
	And in effect committing out government	9:32
	through the mechanism of swap loan agreements	9:34
	to stand behind those dollars in terms of some	9:37
	foreign currencies.	9:41
	Now, that kind of support I'm not in favor of,	9:43
	and if it appears that in the future,	9:47
	as we do support the dollar, that the response	9:51
	is a return of these past dollars of overhang,	9:55
	then I shall counsel cessation of such support.	10:02
	Well, after answering the second question,	10:07
	if time permits, I'd like to return to the question	10:10
	of whether this is not a good time for foreigners	10:13
	actually to be buying up our capital,	10:15
	to be buying up our stocks, to be buying up our plants,	10:18
	and also to be buying up our going concerns.	10:20
	Let me turn now to the second question.	10:24
	It reads as follows-	10:28
	I heard a rumor that you had taken monetarism apart	10:30
	at a forecasting conference somewhere this summer.	10:34
	How did that analysis go?	10:37
	On July 13th I took part in a seminar here in Cambridge	10:40
	that dealt with forecasting.	10:44
	And my morning's assignment was to conduct a dialog	10:47
	on monetaristic methods.	10:50
	I believe the members of the seminar had heard	10:52
	the case for monetarism on an earlier day.	10:54
	I don't think it's quite correct to say that I took	10:59
	monetarism apart.	11:01
	Actually, I had then the say that the monetarism stock,	11:03
	it's quotation in the market as a technique	11:13
	of policy analysis, has been depressed so low	11:16
	at the present time, that there's danger the people	11:20
	will overlook the element of value in the stress	11:24
	that among the many factors that forecasters	11:27
	and policy advisors must taken account of,	11:30
	ought to be given to the behavior of the money supply	11:34
	and of the credit markets.	11:36
	What I did first was to review the record.	11:40
	For a few years, the federal reserve bank of St. Louis	11:42
	had pretty good success in its quarter to quarter	11:45
	forecasting.	11:47
	And then its year to year forecasting.	11:48
	And indeed, at that time, it seemed to do better	11:51
	than most of the other monetarists.	11:53
	Better than the city bank, for example.	11:55
	Better than the three leading academic monetaristic	11:57
	forecasters, whose forecasts I've informally monitored	12:00
	over the years.	12:03
	But as I think I must have mentioned before in these tapes,	12:06
	in recent years, St. Louis has been running	12:09
	into worse luck in its forecast of nominal GNP.	12:12
	I'm not now referring to its abandoning of its forecast	12:16
	of real GNP, of the breakdown of nominal GNP	12:21
	into real end price factor.	12:25
	Their phases one, two, three, three and a half, four,	12:28
	perhaps have contaminated their record.	12:34
	But I'm not referring to that which monetarism	12:37
	is supposed to be able to deliver the goods on,	12:40
	nominal GNP forecast.	12:42
	Indeed, when Professor Fare of Princeton	12:44
	did a recent roundup, which I mentioned,	12:48
	of ten or so different forecasters,	12:50
	the only method that did worse in recent years	12:53
	than a straight mechanical computer forecast	12:56
	with no adjustment of the coefficients for judgment,	12:59
	was the St. Louis reduced form model.	13:02
	Not only did Fare's own mechanical computer	13:05
	do better than the reduced form of monetarism,	13:08
	but so did Epstein at resources they'd incorporated.	13:11
	The unkindest blow of all is that even the median	13:18
	business forecaster reporting to the national bureau	13:21
	did better in at least square sense,	13:24
	and the Wharton school and the Chase Evans model	13:28
	and the University of Michigan and a number of other	13:30
	models which Fare didn't keep track of,	13:33
	but which I informally monitor in my own records,	13:35
	did better.	13:40
	I also cited, and here I had to be very impressionistic,	13:43
	from my informal collection of forecasters,	13:46
	any monetarists other monetarist forecasts,	13:52
	which I've been able to collect over the recent years.	13:56
	And indeed I had to report that I couldn't find	14:01
	in my records a single monetarist who deviated	14:03
	systematically from the consensus for clearly	14:07
	monetarist factors, came out with a long run batting	14:11
	average as measured by squared error,	14:16
	which was very good in recent years.	14:19
	But I warned against making the fundamental error	14:23
	of some of the monetarists themselves,	14:27
	namely trying to judge the worth of a method	14:30
	by its crypto positivistic correlation coefficients.	14:33
	Although, those who claim to triumph by the sword	14:38
	must in a sense be prepared to die by the sword.	14:42
	I don't think we can take such rash warriors	14:45
	at their own word, at their own crude methodology.	14:48
	Then I described some of the methods used by monetarists	14:56
	to dig themselves out of the hole of their own making.	14:59
	As for example, to put in an odd hope trend	15:02
	into velocity, so as to enable you to lift	15:04
	the St. Louis kind of estimate to the neighborhood	15:08
	of the consensus crowd.	15:10
	Or, you can call yourself a monetarist by putting	15:12
	enough fudge factors so as to give you the typical	15:16
	ecclesiastic forecast.	15:18
	In short, I suggested that recent skepticism	15:21
	of coincidental empirical irregularities	15:25
	that lack prior probability ought to be entertained.	15:29
	Thus, anyone who knows neoclassical economics,	15:35
	why should he think that one M1 measure, or M2, or M7,	15:39
	or M39 measure, ought to be in the future, a simple	15:45
	causal, reversible relationship with nominal GNP	15:51
	So that it can do better for policy purposes,	15:55
	for forecasting purposes, then a more complicated model	16:00
	that takes into account investment intentions,	16:04
	technical changes, crop phases, and a host of other	16:08
	dull things?	16:10
	So, I guess some of my message is that monetarism	16:14
	is now somewhat subject to overvaluation,	16:19
	but if you believe in contrary opinion,	16:24
	if you believe in sticking to value as against price,	16:27
	maybe a canny investor might in this time	16:32
	pick up a little of the monetarism stock for his portfolio.	16:35
	Let me turn to the current situation of business	16:42
	before I go back to the subject of whether this is or	16:49
	isn't a good time for foreigners to be buying up	16:53
	American capital.	16:57
	We still are in a period of some confusion.	17:00
	The second quarter, first estimates of GNP	17:03
	have now come in.	17:08
	They're even lower than the forecast I gave you	17:11
	which was to take the eight percent first quarter	17:16
	rate of growth and bring it down to three and a half	17:21
	percent.	17:25
	The first estimate actually is, there's only two point six	17:27
	percent a real growth in the second quarter.	17:30
	But I want to warn you against attaching too much	17:36
	importance to that weak number	17:39
	because there's quite a debate going on among	17:43
	the experts as to whether it's really credible.	17:45
	We may be running into a problem here	17:50
	involved in seasonal correction.	17:53
	It's proper I think to seasonally adjust economic data	17:56
	so we can get out of them the mirror vicissitudes	18:01
	of the changing weather.	18:06
	We expect retail sales to be up at Christmas,	18:09
	and if retail sales are up that doesn't mean we're	18:12
	in a boom, it just means that the snow is beginning	18:14
	to fall and Santa Claus will soon be here,	18:16
	so we properly deflate as best we can for seasonal trends.	18:19
	But I want to emphasize that as best we can.	18:25
	We're not dealing here with something here like	18:28
	Plutonian tide tables.	18:31
	You can predict the position of a comet	18:33
	several centuries ahead.	18:37
	You can predict tides with great accuracy.	18:40
	You can predict the way a pendulum will osculate	18:44
	to a microsecond of precision,	18:47
	but you cannot by fore analysis or spectral analysis	18:51
	or by any method known to mankind	18:56
	get accurately the seasonal element out.	19:02
	Now, what I've been saying of course should be	19:07
	remembered at all times,	19:09
	but it's especially appropriate now	19:10
	because here's how the argument goes.	19:12
	Your argument goes that the weakening in the second	19:14
	quarter, part of which is certainly genuine,	19:17
	may be due to reasons of supply and not to a weakening	19:21
	of demand.	19:26
	I've already commented on that view,	19:27
	in my last tape I mentioned the view of	19:30
	Al Summers of the conference board,	19:33
	and I think of Greenspan and some others,	19:37
	as against the view of data resources	19:42
	that there was a substantial weakening in demand,	19:45
	these authorities have argued that the economy	19:47
	is still running flat out, but we are pressing up	19:51
	against capacity limitations.	19:55
	Good man power is no longer available.	19:57
	The federal reserve index of surplus capacity	20:01
	isn't to be trusted, according to this group of observers,	20:04
	and you better look at the Wharton measures of capacity,	20:09
	which show very little surplus.	20:13
	Now if the economy is running flat out,	20:17
	that means that the normal ups and downs	20:21
	of production, which can be associated	20:25
	with the first quarter and the second quarter,	20:29
	with the third quarter, and with the fourth quarter,	20:33
	can't work themselves out,	20:36
	because you're right up against the ceiling.	20:37
	And so, the second quarter generally shows a whopping	20:40
	increase for purely seasonal reasons.	20:43
	And generally, we sensibly correct for that,	20:46
	and take out the seasonal influence.	20:49
	But if, at the end of the first quarter,	20:52
	we already were up against the ceiling,	20:54
	how can that normal seasonal factor show itself?	20:57
	And so, it's argued by these experts, it couldn't.	21:02
	If you use unseasonably corrected data,	21:07
	we had one of the biggest output increases	21:11
	in the second quarter on record.	21:13
	And it's only this artificial tinkering with the data,	21:15
	normally appropriate but not appropriate	21:19
	in this 1973 phase of the business cycle	21:22
	that made this look like slow growth,	21:27
	so goes the argument.	21:30
	Now if that's the case,	21:33
	we should see in the third quarter the opposite happening.	21:34
	Because what's the normal pattern in the third quarter?	21:38
	Normal pattern in the third quarter is you're in summer,	21:41
	people are taking vacations,	21:44
	there's an easing up, there isn't any occasion	21:46
	for overtime.	21:49
	But according to this hypothesis,	21:51
	the economy is still very strong, is still running	21:53
	flat out, it's still bumping right up there against	21:55
	the ceiling.	22:00
	Then, according to this hypothesis,	22:01
	we should not see that normal relaxation,	22:04
	and therefore, they're saying, don't be surprised	22:06
	if real output bounces back from allegedly only being	22:10
	two point six percent rate of real growth	22:14
	in the second quarter to something like say	22:17
	five and a half or six percent in the third quarter.	22:21
	In any case, without my trying to adjudicate the matter,	22:27
	I would say that it's best to not go by any one quarter,	22:33
	smooth out your data by using two or three quarters,	22:37
	an then see where we stand.	22:40
	And from that viewpoint, I must say,	22:47
	the situation is still a bit clouded.	22:49
	For example, it looks as if retail sales were very good	22:52
	in the first part of July.	22:56
	Extremely strong.	22:59
	Any beginning weakness or letup earlier.	23:00
	Now, this may be due to the fact, one of those factors	23:04
	which an ecclecticist would take into account	23:09
	in making his forecast and interpreting the passing scene.	23:11
	It may be due to the fact that the freeze of	23:14
	of phase three and a half presented itself	23:17
	to consumers as a very good time to buy	23:21
	because they could figure that after the freeze	23:24
	was suspended, after we moved into phase four,	23:27
	you wouldn't be able to buy at such favorable prices,	23:30
	and that could explain some of the strength in demand,	23:32
	and it may be borrowing against the future.	23:35
	On the other hand, we have to take the straws as they are,	23:37
	and the straws were that in July, automobile sales	23:40
	were very good and retail sales generally seemed	23:44
	to have been quite strong,	23:49
	so it maybe be that we have not yet really turned	23:50
	the corner towards that growth recession,	23:53
	which all the camps, generally speaking,	23:56
	tend to agree is waiting for us around the end of the year.	24:01
	The main differences of opinion have to do	24:06
	with whether that growth recession	24:09
	is going to move into a genuine recession,	24:10
	measured let's say by the Krudos national bureau	24:13
	criterion of two fold quarters of negative growth	24:18
	in the real GNP.	24:23
	I don't want to spend more time in detailed analysis	24:27
	of the second quarter data and what they may be telling us,	24:32
	but I should point out to you what the towns in Greenspan	24:39
	has pointed out,	24:42
	namely that there was a whopping price increase	24:44
	as measured by the GNP deflator,	24:47
	that tends to reduce the real component,	24:50
	and the question is whether all of that is genuine.	24:53
	Now, part of it is undoubtedly due to a weight shift	24:57
	towards goods which there isn't a lot in prices.	25:02
	I'm not sure that is asperious effect,	25:07
	but in case you think it is asperious effect	25:09
	and want to rule it out,	25:11
	you can make a computation using a chain index	25:14
	with the same weights of the GNP prices.	25:19
	And if you do that, that will raise the two point six	25:23
	percent to eight percent.	25:27
	Now, I've heard even stronger reasons for withholding	25:30
	judgment that the first quarter data may	25:35
	a year from this July,	25:38
	well a year from, July in '74, be revised downward,	25:40
	and the second quarter revised upward.	25:45
	I guess then all that we really can conclude	25:50
	is that there does seem to be a beginning of a weakening	25:56
	of real growth, but it's premature to know	26:02
	whether it is primarily due to supply reasons	26:07
	or demand reasons,	26:10
	and until you can resolve that last question,	26:11
	you of course aren't in a position to make	26:16
	policy recommendations.	26:19
	When I am asked, for example, whether it is still	26:21
	time to have a tax increase,	26:24
	you know there's quite an authoritative rumor	26:28
	that the President's advisors	26:30
	both inside the administration and in some of the other	26:33
	non executive agencies,	26:39
	I won't be more specific,	26:42
	did advise him to ask for a tax increase	26:44
	but because of Watergate and other problems	26:46
	which he has, he overruled them, and put in the phase	26:49
	three and a half, and the phase four.	26:54
	Well, I think I have just a few minutes	26:59
	to begin to comment on the question as to whether	27:02
	the United States is a happy hunting ground now	27:07
	for foreign capital.	27:12
	I spoke of the 80 billion dollars that are abroad.	27:13
	Well of course those are in the central banks,	27:17
	but there's a counter part of those in the hands	27:19
	of individuals abroad,	27:23
	and it seems to me that it might well be rational	27:25
	for a typical corporation or a typical investment trust	27:28
	or a typical person of means in Japan, in Germany,	27:33
	in Holland, in western Europe, generally,	27:39
	to want to have a bigger stake in the American economy	27:42
	than he now has.	27:47
	First, the American economy is about 25 percent	27:50
	of the world GNP, a bit more than that still perhaps.	27:53
	And if you believe in risk aversion and diversification,	27:56
	then I don't think that most investors abroad	28:02
	are as fully invested in the American economy	28:04
	as they ought to be.	28:09
	I could have made this remark at any time	28:10
	in recorded history,	28:13
	certainly any time in the last 15 years,	28:15
	and it's always in season.	28:17
	That's point number one.	28:20
	Particularly you see a foreign investor who has all	28:21
	his eggs, let's say, in the French market,	28:24
	should want to get something which will have independent	28:27
	movements, because in independent probability movements	28:30
	you get diversification and a reduction of variants.	28:35
	Well that's a long run factor.	28:39
	Second, our price earning ratios are cheap.	28:43
	And if you believe that there has not been a long term	28:47
	erosion of profitability in American corporations,	28:53
	then they are indeed bargains.	28:56
	If you're a foreign investor and you have equity	28:58
	investment, you can apply even a less stringent task,	29:01
	namely, if there's an erosion of profitability here	29:05
	in America, then there probably is one also abroad	29:10
	because capital competes with capital by international trade	29:14
	across boundaries of nations.	29:18
	And so, it could be that the American earnings,	29:22
	price ratios, are more depressed from a long run viewpoint	29:27
	than foreign markets,	29:30
	particularly those foreign markets which have done better	29:34
	in the last boom, than the American market.	29:36
	Thirdly, you may find yourself with a reversal	29:42
	of the adverse experience which foreigners have been having	29:46
	in recent months.	29:49
	Let's take a typical foreigner who had a good eye	29:51
	for picking American stocks,	29:54
	he's a rare bird by the way.	29:55
	I don't want to go into details on how a foreigner	29:57
	ought to invest, I don't have time in this tape.	29:59
	But suppose he had a good eye and he picked good stocks	30:03
	which held up better than the American market	30:06
	in which in fact held up and are equal now	30:07
	to their early January levels.	30:11
	To this foreigner, given the depreciation of the dollar,	30:15
	if he reckons, as undoubtedly he does,	30:19
	his net worth in terms of his own currency,	30:21
	because that's where he's gonna spend the rest of his life,	30:24
	that's where his expenses come,	30:26
	then he finds himself with the rather considerable loss	30:29
	due just to the depreciation of the dollar.	30:32
	But my time is just about up,	30:35
	but you see, once you form a judgment and you must form	30:36
	that judgment as to whether the dollar has hit rock bottom,	30:41
	then after you've formed the judgment that Wall Street	30:45
	has hit rock bottom,	30:49
	and that rock bottom has not recognized the inflation	30:51
	which has been going on in the American economy	30:55
	for the last few years,	30:57
	and has discounted all the adverse news that could	30:58
	possibly happen,	31:01
	then that would be a great time for foreigners	31:02
	to invest in good American stocks if they know	31:05
	how to pick good American stocks.	31:09
Narrator	If you have any comments or questions	31:11
	for Professor Samuelson, address them to	31:13
	Instructional Dynamics Incorporated	31:14
	166 East Superior Street, Chicago, Illinois, 60611.	31:16

Item Info

Title:

Tape 133 - Supporting the dollar; monetarism; US on the bargain block

Date:

1973

Contributor:

Samuelson, Paul A. (Paul Anthony), 1915-2009

Subject:

Format:

audiocassettes

Language:

English

Digital Collection:

Paul A. Samuelson papers, 1933-2010 and undated

Source Collection:

Paul A. Samuelson papers, 1933-2010

Series:

Economics Cassette Series: Paul Samuelson

Rights:

Limited Re-Use

CC BY-NC 4.0

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Identifier:

RL10082-CS-0130
ref2399_1ka
samuelsonpaul
duke:325153
pstau001130
ark:/87924/r4b56dm7k
4e0742eb-c906-408c-a74d-8e577d8dd692

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Tape 133 - Supporting the dollar; monetarism; US on the bargain block

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