Our policy has been carefully and deliberately adjusted to meet the new realities of the new world we live in.  We make today only those commitments we are able and prepared to meet.

Our commitment to freedom remains strong and unshakable.  But others must bear their share of the burden of defending freedom around the world.

And so this, then, is our policy: 

—­We will maintain a nuclear deterrent adequate to meet any threat to the security of the United States or of our allies.

—­We will help other nations develop the capability of defending themselves.

—­We will faithfully honor all of our treaty commitments.

—­We will act to defend our interests, whenever and wherever they are threatened anyplace in the world.

—­But where our interests or our treaty commitments are not involved, our role will be limited.

—­We will not intervene militarily.

—­But we will use our influence to prevent war.

—­If war comes, we will use our influence to stop it.

—­Once it is over, we will do our share in helping to bind up the wounds of those who have participated in it.

As you know, I will soon be visiting the People’s Republic of China and the Soviet Union.  I go there with no illusions.  We have great differences with both powers.  We shall continue to have great differences.  But peace depends on the ability of great powers to live together on the same planet despite their differences.

We would not be true to our obligation to generations yet unborn if we failed to seize this moment to do everything in our power to insure that we will be able to talk about those differences, rather than to fight about them, in the future.

As we look back over this century, let us, in the highest spirit of bipartisanship, recognize that we can be proud of our Nation’s record in foreign affairs.

America has given more generously of itself toward maintaining freedom, preserving peace, alleviating human suffering around the globe, than any nation has ever done in the history of man.

We have fought four wars in this century, but our power has never been used to break the peace, only to keep it; never been used to destroy freedom, only to defend it.  We now have within our reach the goal of insuring that the next generation can be the first generation in this century to be spared the scourges of war.

Turning to our problems at home, we are making progress toward our goal of a new prosperity without war.

Industrial production, consumer spending, retail sales, personal income all have been rising.  Total employment, real income are the highest in history.  New home building starts this past year reached the highest level ever.  Business and consumer confidence have both been rising.  Interest rates are down.  The rate of inflation is down.  We can look with confidence to 1972 as the year when the back of inflation will be broken.