Arthur F. Burns: Statement before the Joint Economic Committee

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Arthur F. Burns: Statement before the JointEconomic Committee

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Abstract

No economic event in a long generation, excluding only wartime upheavals, has so seriously disrupted our economy as the manipulation of oil prices and supplies over the past year. The fourfold increase in the international price of oil has compounded the domestic economic problems of other oil-importing nations as well as our own. International financial relationships have been upset. Plans to reform the international monetary system have been partially derailed. And with further interruptions in the flow of oil still a possibility to be reckoned with, a great cloud of uncertainty now surrounds the economic future of nations around the world … .

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