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Updated: May 15, 2025
It lacked a common monetary policy monitored and enforced by a common Central Bank and these deficiencies proved fatal. In 1867, twenty countries debated the introduction of a global currency in the International Monetary Conference. They came up with an ingenious scheme. They selected three "hard" currencies, with equal gold content so as to render them interchangeable, as their legal tender.
With the world sliding into another global conflagration, and the scope possible to the efforts of the Persian believers being severely limited, the focus would necessarily have to be on the expansion and consolidation of the Bahá’í community in the Western hemisphere in preparation for the much larger undertakings that lay ahead.
By the time the century ended, this immense effort had brought into existence a community representative of the diversity of the entire human race, unified in its beliefs and allegiance, and committed to building a global society that will reflect on earth the spiritual and moral vision of its Founder.
The Pew report reveals that the concerns of the denizens of central and east Europe are varied but closely aligned with the global agenda. In this sense, the iron curtain has, indeed, lifted and total integration has been achieved despite massive economic disparities.
Prompt Congressional action on this legislation is essential in order to attack such high priority global problems as food and energy, meet our treaty and base rights agreements, continue our peace efforts in the Middle East, provide economic and development support to countries in need, promote progress on North-South issues, protect Western interests, and counter Soviet influence.
Now we move to an age of technology, information, and global competition. These changes have opened vast new opportunities for our people, but they have also presented them with stiff challenges. While more Americans are living better, too many of our fellow citizens are working harder just to keep up, and they are rightly concerned about the security of their families. The Role Of Government
They are these: Our foreign policy must be clear, consistent, and confident. This means that it must be the product of genuine, continuous cooperation between the executive and the legislative branches of this Government. It must be developed and directed in the spirit of true bipartisanship. The policy we embrace must be a coherent global policy.
This year, we have it within our power to take a major step toward a growing global economy and an expanding cycle of prosperity that reaches to all the free nations of this Earth. I'm speaking of the historic free trade agreement negotiated between our country and Canada. And I can also tell you that we're determined to expand this concept, south as well as north.
And seldom, if ever, has the state of the world depended more heavily on the state of our Nation. The economic distress is global. We will not solve it at home unless we help to remedy the profound economic dislocation abroad. World trade and monetary structure provides markets, energy, food, and vital raw materials for all nations. This international system is now in jeopardy.
In the fiscal year that ended on June 30, 1945, almost wholly a period of global warfare, war expenditures amounted to 90.5 billion dollars. For the fiscal year 1946 war expenditures were originally estimated at 70 billion dollars. That estimate was made a year ago while we were still engaged in global warfare. After victory over Japan this estimate was revised to 50.5 billion dollars.
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