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IMF backs LBJ tax hike and urges more fiscal restraint
The International Monetary Fund indirectly supports President Johnsons 10 percent surcharge proposal while urging broader use of tax increases and spending cuts to fight inflation. The report notes U S Canada failed to apply fiscal measures and cites Vietnam war spending as inflating economies. It also details a gold supply drop, private hoarding, and a $43.2 billion monetary gold stock.
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