Read time: 2 minutes

Newstalgia Reference Room - Per Jacobsson And The IMF In 1962

Newstalgia Reference Room - Meet The Press from July 1962 with International Monetary Fund Chairman Per Jacobsson on the state of the economy in 1962 and what was going on with the U.S.

jacobsson-resized.jpg
<strong>Per Jacobsson - a word or two about U.S. economy.</strong>

Views:

A lot has been attributed over the years to Per Jacobsson, who was Chairman and operating Manager of the International Monetary Fund from 1956 until his death in 1963. But it goes back even further to his days with The League Of Nations and the financial reconstruction of those countries devastated by the affects of World War 1.

Here he is, in a panel discussion from Meet The Press on July 7, 1962 where he is asked to assess the then-current economic situation in the U.S. and the subject of tax cuts:

Per Jacobsson: “You say there is growing agreement in this country on a tax cut, but when I read the newspapers this morning I found a number of people said that we’re at the wrong time, and not needed now. So I think still it is a very open question. The question of tax cut has very much to do with the two problems. One, whether one has to expect a setback in business and I do not believe there will be a setback in the coming months. I think the improvement will continue, not at the high rate that had been expected, but still at the steady rate. Secondly, some people believe that there has to be a tax cut because they want a higher deficit in the budget, which of course is quite another question that there will be, as we know, a deficit, a fair amount already under present provisions. So that some people think this deficit is large enough to give the impetus to business that is needed in this situation.”

I suspect not many people have actually heard him, let alone heard of him. He was an influential figure in the world economy for many decades and a little history now and then can do a lot of good. Particularly in relation to current situations.

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

More C&L Coverage

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.

Please Do Not Use the Login Link at the Top of the Site.

In order to comment you must use an Insticator account. To register an account, enter your comment and click the post button. A dialog will then appear allowing you create your account.

We will be retiring our Crooks and Liars user account system in January, 2021.

Thank you.
C&L Team