To fight the gold war, President Kennedy this week put forth a program aimed at a reduction of U.S. spending abroad and an increase in foreign spending and investment in the U.S. Key proposals:
¶ Cut the amount of duty-free foreign goods that U.S. tourists can bring back, from $500 to $100.
¶ Reduce U.S. defense procurement abroad and spend more at home "even though this will lead to some extra cost."
¶ Tighten the loopholes through which U.S. companies can channel profits into foreign "tax havens."
¶ Set up a double standard of interest rates, so that...