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I ask the Congress to accept these expansionary policies to accept the concept of a full employment budget. At the same time, I ask the Congress to cooperate in resisting expenditures that go beyond the limits of the full employment budget. For as we wage a campaign to bring about a widely shared prosperity, we must not reignite the fires of inflation and so undermine that prosperity.
Still, the strength of the dollar is only one of numerous inputs and far from being the most important one in the monetary policy. Even a precipitous drop in the dollar is unlikely to reignite inflation in an economy characterized by excess capacity, falling prices, and bursting asset bubbles.
I ask the Congress to accept these expansionary policies to accept the concept of a full employment budget. At the same time, I ask the Congress to cooperate in resisting expenditures that go beyond the limits of the full employment budget. For as we wage a campaign to bring about a widely shared prosperity, we must not reignite the fires of inflation and so undermine that prosperity.
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