Foreign Relations of the United States, 1964–1968, Volume VIII, International Monetary and Trade Policy

208. Telegram From the White House to the Embassy in Germany¹

Washington, November 18, 1968, 1740Z.

CAP 82764. To Secretary Fowler from Walt Rostow. For delivery immed upon arrival.

The President wishes you, in his name, to contact Chancellor Kiesinger immediately and tell him:

We have unverified reports that the French may unilaterally act to devalue the franc so substantially as to upset the world monetary system. We cannot evaluate these reports.

These reports also state that the French would do this because the German Government is unwilling to revalue the mark upward.

We believe we must, as we have in the past, handle monetary problems on a multilateral and cooperative basis. We must do everything we can to avoid a unilateral French action of this kind.

We suggest, therefore, [unless?] Kiesinger’s information is firmly to the contrary, that Kiesinger promptly contact President de Gaulle and urge no unilateral move until appropriate monetary authorities can convene and act on a multilateral basis.

1. Source: Johnson Library, National Security File, Subject File, Monetary Crisis, November 1968, Cables and Memos, Vol. 1 [2 of 2], Box 22. Secret; Eyes Only; Via [text not declassified] Channel.