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Updated: June 15, 2025
We support the proposal for a new World Bank energy affiliate to these same ends, whose fulfillment will contribute to a better global balance between energy supply and demand. Despite the rapid increase in oil costs, the policy measures we have taken to improve domestic economic performance have had a continued powerful effect on our external accounts and on the strength of the dollar.
Third, we will strive to resolve pressing international economic problems, particularly energy and inflation, and continue to pursue our still larger objective of global economic growth through expanded trade and development assistance and through the preservation of an open multilateral trading system.
Are we confronted merely with a bear market in stocks or is it the first phase of a global contraction of the magnitude of the Great Depression? The answer overwhelmingly depends on how we understand scarcity. It will be only a mild overstatement to say that the science of economics, such as it is, revolves around the Malthusian concept of scarcity.
Nowhere is this more evident than in his cavalier public utterances regarding America's current account deficit. As opposed to other, smaller countries, America's deficits have far reaching consequences and constitute global, rather than domestic, imbalances. The more integrated in the global marketplace a country is the harsher the impact of American profligacy on its economy.
According to "The Economist", in the wake of the atrocity, insurance companies slashed their coverage to $50 million per airline per event. EU governments had to step in and provide unlimited insurance for a month. The total damage, now pegged at $60 billion constitutes one quarter of the capitalization of the entire global reinsurance market.
The hour is now ripe for these communities whether new or old, local or national, already functioning on the northern, the western and the southern fringes of that continent, as well as those situated in its very heart, to initiate befittingly and prosecute energetically the European campaign of a global Crusade which will not only contribute, to an unprecedented degree, to the broadening and the consolidation of the foundations of the Faith of Bahá’u’lláh on the continent of Europe, but will also diffuse its light over the neighboring islands, and will, God willing, carry its radiance to the eastern territories of that continent, and beyond them as far as the heart of Asia.
I was reminded of Miss Francis' remark that if you cut off a man's leg you bestow upon him a crippled mentality. For approximately two centuries the United States had been a leg of the global body, a limb so constantly inflicted with growingpains it caused the other parts to writhe in sympathy.
Increased assistance to Korea for this purpose conforms fully to our global policies. In June 1950, following the aggressive attack on the Republic of Korea, the United States Seventh Fleet was instructed both to prevent attack upon Formosa and also to insure that Formosa should not be used as a base of operations against the Chinese Communist mainland.
As I have already forewarned the energetic prosecutors of the global Crusade in the North American continent, the home front, from which have sprung, since the inception of the Formative Age of the Faith, the dynamic forces which have set in motion, and directed the operation, of so many processes, in both the teaching and administrative spheres of Bahá’í activity, and which must continue to act as a base for the steady expansion of future operations in every continent of the globe, and the extension of their ramifications to the uttermost corners of the earth, and which must be increasingly regarded, as the forces of internal disruption and the stress and danger of aggressiveness from without gather momentum, as the sole stronghold of a Faith which cannot hope to escape unscathed from the turmoil gathering around it—such a home front must, at all costs, and in the shortest possible time, be spiritually reinvigorated, administratively expanded, and materially replenished.
In a world where 1.2 billion people live on less than a dollar a day, we must do our part in the global endeavor to reduce the debts of the poorest countries so they can invest in education, health and economic growth as the Pope and other religious leaders have urged. Last year, Congress made a down payment on America's share. And I ask for your continued support.
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