Business: Mutual (Really) Security

The U.S. Treasury has repeatedly proclaimed that the outflow of gold from the U.S. gives no cause for alarm. Last week there were signs of a shift in this attitude by the Administration, and with it a possible shift in U.S. foreign economic-aid policy. The change was prompted by the fact that the U.S. loss of gold from Jan. 1 to July 24 was $898 million; the U.S. foreign-payments deficit this year will run $4.9 billion. Much of the deficit comes from the $5.5 billion the U.S. will spend this year in foreign aid, loans and military help.

Shaping up is a...

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