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Connally Blames Allies for Dollar Crisis at Bankers Meet
U S Treasury Secretary John B Connally told an international banking conference in Munich that Free World allies including the six European Common Market nations Japan and Canada bear responsibility for the international monetary crisis by freezing out American goods and avoid paying more of defense costs He defended U S policy saying there will be no devaluation or gold price change and urged more equitable trading and shared defense burdens in a speech to bankers and officials from 20 nations He warned Americans will not tolerate actions misaligned with U S interests and noted the persistent balance of payments concerns are offset by net military expenditures abroad
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Munich
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UPID
John B. Connally
U.S
Connally
Connal Jly
United States