Tape 108 - Balance of payments: one year later

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-	Welcome once again as MIT Professor,	0:02
	Paul Samuelson discusses the current economic scene.	0:04
	This biweekly report is produced	0:07
	by Instructional Dynamics Incorporated	0:09
	and was recorded August 14th, 1972.	0:11
-	Today I'd like to talk about	0:15
	the international situation as far as the dollar,	0:17
	the floating of the pound,	0:22
	the run that has been taking place on the dollar.	0:23
	But first, since we are in the middle now	0:28
	of the third quarter, I might mention	0:30
	that the full impact	0:34
	of the national income account revisions	0:36
	by the Department of Commerce in July	0:41
	is still not yet realized among the forecasters.	0:44
	Once the forecasters have learned	0:51
	that the fourth quarter of last year	0:54
	and the first quarter of this year were stronger	0:57
	than they earlier had been told,	1:00
	they of course must feed this into their computer models	1:03
	and the computer model so to speak, gains new heart	1:06
	and a comes out with more optimistic forecasts	1:09
	with respect to the future.	1:13
	I have before me a recent revision	1:17
	by Data Resources Corporation.	1:21
	That's Professor Otto Eckstein	1:26
	of Harvard's Computer Forecasting Group, a consulting group.	1:28
	It consists of a tremendous data bank	1:33
	so that the clients of Professor Eckstein	1:36
	can make their own forecast,	1:38
	can vary his forecasts quite conveniently.	1:40
	Professor Eckstine's model now has taken into account	1:46
	the new data and has come up	1:50
	with the quite cheerful reading.	1:54
	The present recovery is to last well into 73 even beyond	1:57
	and it's to have a renewed strength,	2:04
	based upon the new data.	2:08
	Similarly, we have as I think I mentioned in the last tape,	2:13
	a new Wharton calculation based upon the new data	2:19
	and it tells a very similar kind of story.	2:23
	The White House has just provided some briefing	2:26
	of the financial press.	2:30
	Before you hear my words, you will have read all about it	2:31
	and I think that this is the proper time	2:35
	for them in this election year	2:39
	to point out how good the news is	2:43
	as far as the rate of advance of the economy is concerned.	2:45
	But so much for covering the domestic picture.	2:52
	But as I mentioned in my last tape	2:57
	and going over the new outlook,	2:58
	almost every sector of the economy	3:03
	did well in the second quarter.	3:09
	Inventories which had been sluggish picked up.	3:12
	The behavior of prices was surprisingly good.	3:15
	The total increase in real output was fantastically high.	3:20
	Plant and equipment expenditures have come nicely up	3:27
	as many people had expected	3:33
	and beyond the expectation of the skeptics.	3:36
	The consumer is doing extremely well	3:40
	in passing along his income.	3:46
	So it goes sector after sector after sector.	3:51
	Housing, still quite strong.	3:55
	But the one place in the GMP accounts where there's bad news	3:58
	has been the field of international exports	4:07
	in comparison with imports.	4:10
	We are now more than half a year	4:14
	beyond the Smithsonian Agreement.	4:18
	We are now a year.	4:21
	We should celebrate the event	4:26
	since the income variability of the American dollar	4:30
	was announced by President Nixon on August the 15th.	4:33
	So de facto, we have had an appreciation of the end	4:37
	and an appreciation of the mark relative to the dollar	4:42
	of five, 10% ultimately, 17% for the end, 14% for the mark,	4:47
	12% on an overall average basis	4:57
	as against the large industrial countries.	5:00
	We've experienced most of that for a full year now.	5:03
	According to the theories	5:07
	of the international trade experts,	5:10
	a depreciation of the dollar	5:12
	and an appreciation of our rivals abroad,	5:14
	economic rivals abroad is supposed to begin	5:17
	to perform an adjustment in our current balance of payments.	5:20
	It's supposed to stimulate our exports	5:26
	and our export receipts,	5:28
	credit items in the American balance of payments.	5:30
	This in terms of merchandise	5:33
	is supposed to cut down on our imports.	5:35
	It's supposed to cut down on our invisible debit items.	5:37
	Less tourism in Europe, now that Europe is more expensive.	5:41
	That is how the oversimplified account would go.	5:45
	If we leave merchandise and look to services,	5:51
	it's supposed to improve our competitiveness	5:56
	in the shipping services and insurance services	6:00
	and intangible non merchandise items in international trade.	6:03
	Well, you go right down the line	6:08
	and if the optimistic classical theory	6:10
	of international trade were valid,	6:15
	if small adjustments in price result in very elastic,	6:18
	corrective responses, then I should be able	6:24
	to report to you now in August of 1972, a year later	6:27
	that although the situation is far	6:32
	from being completely corrected,	6:34
	we are on our way towards an adjustment.	6:37
	And if I could give you that simple good news,	6:41
	then you may be sure that the cool money,	6:45
	the controllers and treasurers	6:49
	of multinational corporations, the men of financial affairs	6:51
	who have a foot loose money so to speak,	6:58
	they would have discerned this	7:01
	long before my words were recorded	7:03
	and they would have registered this appreciation	7:07
	that the medicine of the Smithsonian	7:12
	was working nicely, thank you.	7:15
	By optimistic expectations with respect to the dollar parody	7:18
	as it floats within this admissible range	7:25
	of two and a quarter percent on one side	7:28
	or two and a quarter percent on the other side	7:30
	of the Smithsonian Parody Agreements.	7:32
	Now, I don't have to tell any of you	7:36
	that that is not quite the way the matter looks.	7:38
	If we turn to our quarterly exports minus imports	7:43
	of goods and services, visible and invisible,	7:50
	that is still in a very sorry state of affairs.	7:54
	I am now not talking about	7:58
	the speculative capital movements,	8:01
	the volatile movements.	8:06
	Those will follow presumably	8:07
	after the basic balance corrects itself	8:09
	or shows that it is not going to correct itself.	8:13
	But I'm talking now about the more basic balance.	8:16
	And thus far, we have no improvement to a report.	8:20
	Indeed, there has been some further deterioration.	8:26
	Now, we have to ask ourselves	8:32
	whether this is in accordance with proper expectations	8:34
	or whether we are being surprised.	8:39
	I think the only honest answer that I can give	8:43
	is that it would be premature	8:45
	for a sophisticated international analyst	8:47
	to have had firm expectations that now one year later,	8:51
	we should have definite, concrete,	8:55
	quantitatively important signs of an improvement	9:00
	in our balance of payments.	9:05
	Many people did expect that,	9:08
	but I think that they were naive.	9:11
	I certainly say this in hindsight,	9:14
	but I think that a sophisticated person	9:16
	could have said this at the time and some did.	9:18
	Nonetheless, the first year is a year	9:24
	and it should tell us not that we have turned the corner	9:28
	and that the situation is correct,	9:34
	but it should tell us whether we are beginning	9:35
	to turn the corner in the proper fashion	9:38
	and there frankly, is a more difficult question.	9:41
	Is the first year of performance	9:48
	actually disappointing to a sophisticated analyst?	9:50
	So that he must begin now to prepare his defenses	9:54
	or to prepare his expectations that the nice story	9:57
	of over a couple of year period two or three-year period,	10:01
	we are going to improve our basic balance of payments	10:05
	on current account by seven or eight billion dollars	10:10
	and I think I have reviewed in an earlier tapes,	10:13
	the various quantitative econometric estimates	10:16
	have been made on this basis.	10:21
	I mentioned that Professor Branson of Princeton	10:23
	for the Brooking's papers, you can get those	10:29
	of a couple of issues back, they are issued the quarterly,	10:34
	reviewed the evidence and he pointed out	10:37
	that the World Bank has made some computations,	10:40
	IMF, World Bank and they suggest such an improvement.	10:44
	He pointed out that the OECD,	10:49
	Office of Economic Cooperation and Development in Paris,	10:53
	the clearinghouse for the leading nations of Europe,	10:57
	North America, Japan, made a similar calculation	11:03
	and privately, Professor Stephen McGhee	11:07
	of the University of California	11:11
	and the Graduate School of Business	11:12
	at University of Chicago, made calculations	11:13
	and all of these are in the same general ballpark.	11:16
	Now, if those calculations were correct,	11:21
	should we have expected the balance payments	11:25
	to have done as poorly by this time as it has actually done?	11:27
	I don't know the answer to that question.	11:33
	I must admit the possibility, point out the possibility	11:36
	that the record so far has been disappointing.	11:43
	Now, why is this possibility just a possibility	11:49
	and not a certainty?	11:52
	Why can a rational man, not expect the situation	11:54
	to have improved dramatically by this time?	11:58
	The reasons are many, but they can all be summarized	12:02
	in the technical statement that however elastic	12:05
	the various elasticities of supply and demand	12:10
	in the international trade are in the long run,	12:12
	and elasticity is a good thing	12:15
	if the Smithsonian medicine of dollar depreciation	12:16
	is to do its work.	12:19
	However elastic things are in the long run,	12:21
	they ought definitely to be expected	12:24
	to be less elastic in the short run.	12:27
	Let's give examples.	12:29
	A lot of Japanese goods even today,	12:31
	are still being priced at the pre August, 1971 prices.	12:35
	They were shipped, they were paid for,	12:41
	they were contracted for at an earlier date.	12:43
	And so you might think it irrational to sell off	12:45
	goods which you can't replace at this price.	12:48
	Say you as a retailer, as a wholesaler or as the distributor	12:52
	for one of the large Japanese corporations,	12:55
	apt those previous bargain prices,	12:58
	but nevertheless, it's still being done	13:00
	and so we haven't had a real testing.	13:02
	Secondly, take exporters in the Japanese export industries,	13:05
	in the German industries.	13:12
	They have lots of fixed costs.	13:13
	They've got the men hired whom they can't get rid of	13:15
	in the short run.	13:17
	They have no alternative really in the short run,	13:19
	but to cut their profit margins	13:22
	as expressed in their domestic currency	13:26
	in order to hold their share of the market.	13:28
	Better to get something than to get nothing.	13:30
	And so again, you aren't getting the foreign goods	13:32
	becoming more expensive as in the longer run,	13:39
	they must become more expensive as a result of depreciation.	13:42
	So different are short running elasticities	13:48
	from long running elasticities	13:52
	that they can actually result	13:53
	in a worsening of the situation in the short run.	13:54
	In other words, you could find that the balance of payments	13:59
	of Japan is actually improved	14:02
	by the appreciation of the end.	14:04
	Improved, I said not the hertz.	14:07
	Now, I don't know whether things	14:10
	are at such a bad pass as that	14:12
	It is a fact that the Japanese	14:14
	are still in a very comfortable surplus	14:17
	on current balance of payments and in fact,	14:20
	they are accumulating more and more of reserves.	14:24
	So although they have 10, 15 more than that,	14:27
	the number of billions of dollars	14:32
	worth of international reserves,	14:33
	that total is still growing.	14:35
	What is the moral for my listeners?	14:38
	I think it should be that you should still reserve judgment.	14:41
	You should still on balance expect the Smithsonian Agreement	14:47
	to be working and working in the right direction.	14:50
	But your confidence in that expectation	14:53
	must rationally now decline somewhat.	14:57
	Not decline absolutely so that you doubt this,	15:00
	but you must so to speak, shift the betting odds	15:04
	and the minority odds, which is that the medicine	15:08
	won't work and that therefore,	15:12
	more dollar depreciation is called for by the experts	15:16
	and hence should be feared by any person	15:22
	who must plan his holdings of dollars	15:25
	versus of foreign currencies.	15:29
	That, the minority view,	15:31
	you must now give a little more respect to.	15:33
	Very well.	15:40
	I've talked about the basic background	15:41
	and all successful speculation in other than the short run,	15:44
	I think I wanna warn you, I'm a fundamentalist.	15:48
	I'm not a chartist, must be based	15:51
	upon going with the fundamentals.	15:54
	Let me now turn though to the short run	15:57
	secondary phenomena of speculation.	16:00
	It was several weeks ago that the newspapers reported	16:06
	that the dollar had turned the corner.	16:10
	Now, why had the dollar turned the corner?	16:12
	Because suddenly, Dr. Arthur Burns,	16:14
	the Chairman of the Board of Governors	16:20
	of the Federal Reserve System	16:21
	announced that the Federal Reserve	16:23
	was supporting the dollar.	16:25
	It was so to speak buying dollars and selling marks.	16:28
	Was this really an important event?	16:37
	Well first, it was in numerical quantitative terms,	16:38
	not important.	16:43
	It was a dramatic announcement, but the actual operation	16:45
	was not substantial.	16:51
	Nonetheless, it could be said to have	16:54
	a symbolic significance more than token import	16:56
	because it showed the good intention	17:02
	of the American government.	17:05
	Now, we know that good intentions aren't enough in life,	17:06
	but they usually are the first presupposition for actions.	17:10
	And so some people said,	17:17
	it looks as if former Secretary of Treasury, Connolly,	17:19
	who was the most recalcitrant, isolationist,	17:23
	who said, "Let them eat dollars.	17:28
	"That's their problem.	17:31
	"We will go it alone.	17:34
	"They must insist upon letting us improve	17:35
	"our balance of payments,"	17:39
	I think he once said, by $12 billion.	17:40
	Some people reading the newspaper announcement said,	17:43
	Aha, the Arthur Burns segment is the tip off.	17:45
	We now have a more sober, more conciliatory man	17:48
	as Secretary of Treasury, Dr. George Schultz	17:53
	and he is now beginning to go over	17:57
	to where the Europeans have asked the Americans to go,	18:00
	namely towards convertibility and the stakes are large.	18:04
	There are $60 billion abroad that have gone there	18:08
	in recent years, and those dollars are very restive dollars.	18:12
	The central banks abroad have not wanted them,	18:14
	but as part of the Bretton Woods Agreement,	18:17
	they a had them forced upon themselves.	18:21
	Well, there's no secret that the French	18:23
	have been asking that we Americans honor those dollars,	18:25
	that we convert them into gold	18:28
	or we convert them into a guaranteed security or into SDRs.	18:30
	And so a lot of smart people have been conjecturing	18:35
	that we are now on the path to convertibility.	18:42
	I don't think that so small an event	18:46
	can be given such an interpretation,	18:48
	but let me state the issue fairly	18:50
	for those who do think that.	18:54
	It wasn't just Arthur Burns who acted	18:56
	and made the announcement.	18:59
	But the authority of President Nixon himself was invoked	19:00
	that President Nixon authorized the Federal Reserve	19:06
	and the Treasury to intervene.	19:10
	So many people said, now it's not just a question	19:13
	of the European nations and the Japanese	19:16
	supporting the dollar,	19:20
	because although they're very powerful,	19:22
	who knows whether their will can last to support the dollar,	19:24
	but now they have the cooperation	19:29
	and the extra support in the United States.	19:31
	And since so to speak, four shoulders are better than two,	19:33
	the burden is now being borne by twice as many shoulders	19:39
	and the very powerful shoulders of the Americans	19:41
	and it can be presumed these smart people go on to say	19:43
	that the Americans have a long line continuing interest	19:46
	and their interest will not languish as the Europeans might	19:48
	in supporting the dollar.	19:52
	That is provided it really is now policy	19:54
	of the United States to support the dollar.	19:58
	Well now what is one of to think?	20:02
	First, I've said that I doubt that there has been	20:04
	any momentous agonizing reappraisal	20:08
	at all comparable to what took place last August 13th, 1971	20:12
	and now we're going back to a position on convertibility	20:17
	but let's make no mistake about it.	20:23
	There's been a small moving in that direction.	20:25
	What are we to think about the move?	20:28
	Is it a good thing or is it a bad thing?	20:31
	Anyone who believes in clean floating exchange rates	20:34
	is very likely to think of this as a retrograde movement.	20:39
	This is a bad a thing.	20:42
	If the Smithsonian medicine wasn't sufficient in dosage	20:45
	and by the way, many of the people	20:52
	who's views I'm now expounding	20:54
	believe it would be premature, so to conclude.	20:58
	But if one is rational entitled to conclude that,	21:00
	then they say there's only one solution for the problem	21:04
	and that is further depreciation of the dollar	21:06
	and further appreciation of the yen	21:09
	and the mark and the other currencies	21:11
	and it's up to the rest of the world	21:13
	to see that that takes place.	21:17
	It would be a tragedy for us to get back	21:19
	on the old treadmill of supporting an over valued dollar	21:23
	of sacrificing domestic goals for foreign goals.	21:29
	Such people are sometimes accused of being isolationists	21:34
	in economic matters in the same way	21:37
	that the people who want to retrench in a military sense	21:40
	are deemed to be isolationists.	21:46
	Pull our man out of Southeast Asia,	21:49
	pull our men out of Europe, and so forth.	21:51
	Now nobody likes to be called an isolationist	21:55
	and I think that most people	21:58
	when tarred with that particular name	22:00
	can produce arguments to show	22:02
	there's really in the interests of the United States	22:05
	for this to happen and also sometimes	22:07
	in the interest of the rest of the world.	22:10
	What do I think?	22:16
	I think that you have to make up your mind	22:18
	on this terribly difficult question	22:21
	of whether the Smithsonian dosage was about right.	22:23
	If ever you decide that the Smithsonian dosage	22:27
	was insufficient then it is a mistake	22:31
	to support the American overvalued dollar	22:33
	at an overvalued level.	22:38
	But if you conclude that on the base of all the evidence	22:40
	is premature now to so infer	22:43
	that the dollar is overvalued,	22:49
	then it makes a good deal of sense	22:52
	to do what Arthur Burns has done.	22:54
	First place, it makes a good deal of sense to talk about it.	22:58
	It has been known for many, many years	23:01
	back well into the 19th century	23:06
	what is a good strategy to meet a domestic bank run?	23:08
	If people are going to the banks and asking for their money,	23:13
	then the good strategy is for you to give them their money.	23:17
	The good strategy for the central bank,	23:22
	for the Federal Reserve, Bank of England, Bank of Japan	23:24
	is to create whatever money is needed	23:28
	to stem that psychological run	23:31
	because it's well known	23:33
	that if people can freely get their money,	23:36
	they still will not want it.	23:38
	Now, that analogy of putting up a bold front	23:40
	and supporting the deposits is not a perfect analogy	23:45
	with respect to international affairs	23:52
	because in international affairs, it is not predestined	23:54
	that a pound is a dollar in the same sense	23:58
	that a dollar is a dollar is a dollar.	24:02
	I take it that if the Washington authorities	24:07
	after reviewing all the evidence have concluded	24:14
	that the American dollar parody is still about right,	24:19
	that they are then well advised	24:26
	to not throw all the problems of support upon the Europeans.	24:28
	In any case, it was a very successful operation.	24:34
	The dollar recovered in foreign markets,	24:37
	the price of gold in the free market,	24:41
	which is just kind of a bellwether of speculators' hopes	24:46
	that Bretton Woods will break down	24:54
	and the Smithsonian will break down,	24:56
	that price reached $70 in the London market.	24:59
	I think that's a record, but remember,	25:03
	it's a very narrow market.	25:05
	South Africa is not feeding that market	25:06
	with her full current gold production	25:09
	and therefore, it wouldn't surprise me a bit	25:13
	if that price went anywhere.	25:18
	$70 I say it doesn't surprise me.	25:22
	What about $80?	25:24
	$80 is perfectly a definite possibility.	25:26
	$90 is perfectly definite possibility.	25:28
	It doesn't mean the gold is so scarce for dentists inlays	25:30
	and that that's kind of a normal equilibrium	25:37
	supply and demand price,	25:40
	but it does mean that the speculators want more of the stuff	25:41
	than is freely available.	25:47
	That's a market as I've said again and again,	25:48
	completely dominated by speculators.	25:50
	I might add by the way one is tempted	25:53
	in the recordings like this to recall one's triumphs,	25:56
	cases where one correctly predicted months and months	26:02
	before the event what was going to happen.	26:06
	Perhaps it's proper that once you call attention	26:08
	to those triumphs, but in a Freudian way,	26:11
	one tends to forget about one's failures.	26:15
	And I am asked by subscribers	26:20
	and I've commented on this in tapes,	26:24
	what about gold stocks as a hedge.	26:25
	And I've pointed out how badly people have done	26:30
	holding Homestake gold mining stock from,	26:34
	well really from 1939 up to this present time.	26:37
	Nevertheless, if you actually look at what's happened	26:43
	to say a very good bellwether	26:46
	for you to follow in this regard,	26:48
	would be a closed end investment trusts	26:49
	that invests in gold shares,	26:51
	perfectly legal for an American to have ownership	26:54
	in American South African investment trust.	26:57
	You will see that you'd have done quite well with your money	27:00
	in that stock in recent months.	27:04
	That's rational as long as the gold producing companies	27:09
	can sell their gold output,	27:13
	not at the official $38 an ounce price,	27:17
	not as small premium over that price,	27:20
	but at a very much a higher price.	27:22
	Now, I think one of the reasons such stocks have gone up	27:26
	is the hope that the two tier system will break down	27:29
	and become a one tier system at a much higher price	27:33
	and there, I do not think that the odds	27:35
	are good for the investor.	27:40
	Let me say though that you're very wrong in human affairs,	27:43
	in the social sciences to say that can't happen.	27:49
	What you have to say	27:53
	is that that is very unlikely to happen.	27:54
	Now, I think that that is not very likely to happen,	27:58
	but I don't think that the probability	28:02
	that we'll go back on a one tier system is so low	28:04
	that a prudent investors should disregard it.	28:09
	I think that there is an appreciable probably	28:11
	and the reason for that I think is that	28:14
	if things break down and if they break down	28:17
	in the welter of lots of controls,	28:19
	then it will not be	28:21
	the worst possible alternative in the world.	28:23
	It will not in my view, would be a good alternative,	28:25
	but it will not be the worst possible alternative	28:27
	to go back onto a one tier system	28:29
	at a much higher price of gold.	28:32
	That is, I can't call that a second best approach,	28:35
	but let's call it a fourth or fifth best approach	28:39
	and remember that very often in this sad world of ours,	28:42
	men of affairs in fact,	28:47
	are forced into seventh best and ninth best.	28:49
	Let me as a digression, express my opinion on a policy issue	28:51
	which is discussed now.	28:56
	Secretary of Treasury, George Shultz	29:00
	has been put under some pressure	29:01
	to make available our gold supply to domestic users.	29:03
	Say auction off our gold supply	29:08
	in the way that silver was auctioned off	29:11
	after we no longer use silver	29:13
	as part of our official currency.	29:15
	I hope that he will resist that pressure.	29:17
	I don't think it will be a good thing	29:20
	to cater to the needs of dentists and jewelers	29:23
	and the legitimate gold users, those who use them in relays	29:27
	in this particular fashion.	29:31
	If it was just a question of feeding them some gold,	29:35
	it wouldn't be important.	29:39
	But I think you will so inflame the imagination	29:40
	of all the gold speculators	29:43
	that we're on our way back to a one tier system	29:44
	with a vastly increased price of gold,	29:46
	that any benefit from this program	29:48
	would be much, much outweighed by the adverse consequences.	29:50
	I'm leaving aside the question	29:56
	of whether it's even legal under the post 1968	29:57
	rules of the IMF for a central bank	30:04
	to feed domestically gold when it's illegal for it	30:07
	to sell gold into foreign free markets.	30:11
	But I strongly counsel the Secretary of the Treasury	30:15
	to resist this particular proposal.	30:19
	It has very little political appeal	30:21
	if he really analyzes it down and economically,	30:23
	it could haunt us and plague us	30:27
	for a long time to come in an important way.	30:29
	I think I should conclude by saying that at the moment,	30:31
	the dollar is not under the most intense pressure,	30:36
	but I believe you should not be too complacent.	30:40
	I don't think that Smithsonian has yet proved itself.	30:44
	I think the dollar is still going to be under testing	30:47
	for a long time to come	30:51
	and the pressure which was eased by that rather dramatic	30:53
	statement out of Washington of Arthur Burns,	30:59
	I don't think that basic underlying pressure	31:03
	can be fended off indefinitely by such statements.	31:06
	So I warn any listener that there is a good chance	31:10
	of a reoccurrence of the jitters,	31:14
	whether it'll be triggered by some other currency	31:17
	than the pound floating,	31:20
	one needn't try to conjecture about	31:23
	but the underlying situation	31:27
	with respect to the Smithsonian	31:29
	has not yet worked itself out	31:31
	so that the rational man can say,	31:33
	Smithsonian will stand up.	31:37
-	If you have any comments or questions	31:40
	for Professor Samuelson,	31:42
	address them to Instructional Dynamics Incorporated,	31:44
	166 East Superior Street, Chicago, Illinois, 60611.	31:46

Item Info

Title:

Tape 108 - Balance of payments: one year later

Date:

1972

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-0106
ref2351_t4b
samuelsonpaul
duke:325129
pstau001106
ark:/87924/r4m03zd4p
8e5b6c84-7ba9-48ce-a4e4-3522a6101ec6

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Tape 108 - Balance of payments: one year later

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