ABSTRACT
The American position on international monetary issues is complex and often disconcerting. It is the resultant of two forces. One is the instinctive tendency that pushes the United States toward monetary "egocentrism". The other force is the feeling, prevailing in various circles, that to go too far in that direction would be contrary to the fundamental objectives of U. S. foreign policy. Foreign trade constitutes a relatively small percentage of all economic activities in the United States. The only organism for international monetary cooperation of which the United States recognizes that it is a full member is the Fund created at Bretton Woods. The United States alienated none of its sovereignty in joining a system in which parities could be changed only with the approval of the Fund. The United States finds it natural when in deficit to be the beneficiary of unconditional and unlimited credit.
