so i turned it upsidedown and sure enough, saw what i expected to see, namely, "made in china." and i reflected, not for the first time, upon the extraordinary political creativity of president richard milhous nixon in having con tributed so mightily to opening up china and to reconfiguring united states foreign policy. and reflecting more broadly upon creativity as a theme in this remarkable president's politics. and it's upon the theme of creativity that i wanted to speak today, because it seems to me that in his economic policy, he was, in key respects, at least as creative as he was in his foreign policy. what were the contexts of the making of economic policy when he assumed the office on the 22nd? and the 20th of january 1969? they were contexts, i suggest, of quite formidable challenge both at home and abroad. the territory is familiar. i needn't run over them. the most important of them from my point of view is perhaps that vietnam had brought about by fiscal 1967 a deficit, or a current deficit in 1967 prices of $27 billion. which was within $200 million or $300 million