Foreign Economic Policy


1. Summary of the Report of the Task Force on U.S. Balance of Payments Policies

Source: National Archives, Nixon Presidential Materials, Transitional Task Force Reports 1968-1969, Task Force Summaries (Arthur F. Burns, 1/18/69). No classification marking. Forwarded to the President-elect under cover of a January 18 letter from Arthur F. Burns in his capacity as Chairman of the Program Coordination Committee. Burns’ letter is on the stationery of the Office of the President-elect and bears a New York address. The undated, 33-page Report of the Task Force on U.S. Balance of Payments Policies, chaired by Gottfried Haberler, is ibid., Task Force on U.S. Balance of Payments Policies.


3. Action Memorandum From Richard Cooper and C. Fred Bergsten of the National Security Council Staff to the President’s Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 309, Balance of Payments. Confidential; Urgent.


4. Memorandum From the President’s Assistant for National Security Affairs (Kissinger) to President Nixon

Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 309, BOP. Confidential. A handwritten note on the memorandum reads: “Copy given to Bergsten on 2/4/69.” Presumably this memorandum was attached to Document 3.


5. Memorandum From the Assistant Secretary of the Treasury for International Affairs (Petty) to Secretary of the Treasury Kennedy

Source: Washington National Records Center, Department of the Treasury, Office of the Assistant Secretary for International Affairs: FRC 56 76 108, Studies and Reports, Volume 7, 2/68-11/69. Confidential; Limdis. Drafted by Petty on January 28. Copies were sent to Under Secretaries Walker and Volcker. A handwritten notation reads: “(Note: very limited distribution) per [T. Page] Nelson (Jan 31).”


6. Volcker Group Paper

Source: Washington National Records Center, Department of the Treasury, Volcker Group Masters: FRC 56 86 30, VG/LIM/31-VG/LIM/50. Confidential; Limited Distribution. Circulated to members of the Volcker Group on March 18 under cover of a routing memorandum from Willis that indicated the paper was discussed at a February 28 meeting.


7. Memorandum of Conversation

Source: National Archives, Nixon Presidential Materials, NSC Files, Presidential/HAK Memcons, Box 1023, De Gaulle 2/28-3/2/69. Secret. The meeting was held at the Elysee Palace; the time is taken from the Daily Diary. (Ibid., White House Central Files, President’s Daily Diary) The two Presidents also met on February 28. Their discussion touched on economic issues, and President Nixon told De Gaulle that he thought “it was clear that both the USSR and the US would like to reduce the financial burden [of defense expenditures] on themselves. He wished to make clear that on this matter he would not make the decision in this matter on a financial basis, the US had to be able to afford whatever security required.” (Ibid., NSC Files, Presidential/HAK Memcons, Box 1023, De Gaulle 2/28-3/2/69) The two also met on March 1; a record of that meeting is ibid. President Nixon traveled to Belgium, the United Kingdom, the Federal Republic of Germany, Italy, and France February 23-March 2.


8. Memorandum of Conversation

Source: Washington National Records Center, Department of the Treasury, Office of the Assistant Secretary for International Affairs: FRC 56 76 108, Studies and Reports, Volume 7, 2/68-11/69. Confidential. Drafted by Petty on March 13 and approved by Volcker. The meeting was held in Room 4426 of the Treasury Department.


10. Paper Prepared in the Department of the Treasury

Source: Washington National Records Center, Department of the Treasury, Office of the Assistant Secretary for International Affairs: FRC 56 76 108, Studies and Reports, Volume 7, 2/68-11/69. Confidential. The paper, which bears no indication of a drafter, may have been prepared for the President’s meeting with the Economic Quadriad on March 18 (see Document 12) or for Volcker’s European consultations (see footnote 4, Document 8).


11. Memorandum From the Assistant Secretary of the Treasury for International Affairs (Petty) to Secretary of the Treasury Kennedy

Source: Washington National Records Center, Department of the Treasury, Secretary’s Memos/Correspondence, 1966-1970: FRC 56 74 7, Memo to the Secretary, March-April, 1969. Limited Official Use. Drafted by J. C. Colman on March 17. Sent through Volcker. A stamped notation indicates that Volcker initialed the memorandum. It is attached to Volcker’s March 18 handwritten transmittal note to Kennedy: “My only added thought here is that the ‘soundings’ should be coordinated with proposed announcement on controls. This extension should be proposed, in general terms, at time of relaxation.” Kennedy’s handwritten reply on Volcker’s note reads: “I agree. After the extension is proposed begin checking in Congress to determine whether any changes should be made.”


12. Memorandum From the President’s Assistant for National Security Affairs (Kissinger) to President Nixon

Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 309, BOP. Confidential. Drafted by Bergsten who, in his March 17 cover note to Kissinger, wrote: “Pursuant to your instruction, attached is a memo to the President informing him of the major foreign policy implications of the proposed line of action and advising him to adopt a ‘go slow approach’ in implementing it.” There is no indication that the President saw the memorandum; an undated cover note to Colonel Haig reads: “I don’t think you want this to go to the President now—it was being provided for his meeting with the Quadriad on 3/18. If the information is still valid for the President, perhaps the reference to the Quadriad meeting should be deleted.” Haig wrote on the note “OBE—File.”


13. Memorandum From C. Fred Bergsten of the National Security Council Staff to the President’s Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, NSC Files, Country Files—Europe, Box 681, Germany, Volume I, through 4/69. Secret. An attached memorandum from Kissinger to the President, undated, entitled “Preliminary U.S. Position on German Offset Problem,” refers to an “attached” memorandum from Secretaries Rogers and Kennedy and Under Secretary Packard (not found) proposing “that you authorize Under Secretary Volcker to take a ‘hard’ line on the offset question during a visit to Bonn next week for exploratory talks on a wide range of monetary issues.” No record has been found that the memorandum went to the President or that he acted on its recommendations.


14. Telegram From the Embassy in Italy to the Department of State

Source: National Archives, RG 59, Central Files 1967-69, FN 10 IMF. Confidential; Priority; Limdis/Greenback. Other Limdis/Greenback cables from a number of European posts reporting Under Secretary Volcker’s conversations with foreign officials are ibid. The Limdis/Greenback series was a specialized series of cables, distribution of which was limited in Washington to the Volcker Group and overseas to the Ambassador, Economic Minister, and the Treasury representative. The Limdis/Greenback caption had been used during the Johnson administration as well.


15. Memorandum From Secretary of the Treasury Kennedy to President Nixon

Source: Washington National Records Center, Department of the Treasury, Office of the Assistant Secretary for International Affairs: FRC 56 76 108, Studies and Reports, Volume 7, 2/68-11/69. Confidential. An earlier draft of the memorandum had been discussed at a meeting on March 11; see Document 8.


16. Action Memorandum From C. Fred Bergsten of the National Security Council Staff to the President’s Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 309, BOP. Confidential.


17. Memorandum From the Director of the Office of Industrial Nations, Department of the Treasury (Widman) to Secretary of the Treasury Kennedy

Source: Washington National Records Center, Department of the Treasury, Secretary’s Memos/Correspondence: FRC 56 74 7, Memoranda to the Secretary, March-April, 1969. Secret. Sent through Petty and Volcker. Copies were sent to Volcker, Colman, Jurich, Hirschtritt, and Cross.


19. Information Memorandum From C. Fred Bergsten of the National Security Council Staff to the President’s Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 215, Council of Economic Advisers. Confidential.


21. Memorandum From Secretary of the Treasury Kennedy to President Nixon

Source: Washington National Records Center, Department of the Treasury, Deputy to the Assistant Secretary for International Affairs: FRC 56 83 26, Contingency Planning 1969. Confidential. A May 14 cover note from Petty’s office to Willis indicates that distribution in the Treasury Department was limited to the Secretary, Under Secretaries Walker and Volcker, Petty, and Willis. There is no indication that this memorandum was forwarded to the President’s attention, but the President was subsequently informed of the balance-of-payments results by McCracken; see Document 129.


22. Memorandum From the Chairman of the National Security Council Under Secretaries Committee (Richardson) to President Nixon

Source: National Archives, RG 59, S/S Files: Lot 83 D 305, NSDM 12. Secret. Drafted by Colonel G. D. Overbey (EUR/RPM) on May 21 and concurred in by U. Alexis Johnson, Brigadier General Hampton (OSD/ISA), Major General Orwat (JCS), Springsteen (EUR), and Hartman (U). An earlier draft, prepared by the Interagency Working Group chaired by Under Secretary Johnson, was sent on May 14 by Staff Director Arthur A. Hartman to the Deputy Secretary of Defense, Kissinger, the Director of Central Intelligence, and the Chairman of the Joint Chiefs of Staff informing them it would be discussed at the Under Secretaries Committee meeting on Thursday, May 15. (Ibid.) On June 5 Kissinger sent Richardson a memorandum stating “the President has reviewed your memorandum and approves the recommendations.” (Ibid., Lot 83 D 276, NSC-U/DM 9) A handwritten note at the top of the memorandum printed here indicates that the President approved.


25. Memorandum From the President’s Assistant for National Security Affairs (Kissinger) to the Under Secretary of State (Richardson)

Source: National Archives, RG 59, S/S Files: Lot 73 D 288, Box 838, NSC/USC Memos. Secret.


26. Paper Prepared by Consultants

Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 397, A Strategic Overview. Secret. Printed here is section VIII, pp. 66-71, of the 78-page, undated paper entitled “The United States Position in the World: An Overview,” forwarded to Kissinger under cover of a memorandum from Robert Osgood on August 20. Osgood noted that the paper was his synthesis of three “sets of books” prepared by the Department of Defense, CIA, and the Department of State in response to NSSM 9 and other NSSMs and analyses, and he credited Richard N. Cooper with preparation of section VIII of the study. There is no indication of how the study was distributed or used. A copy of NSSM 9, “Review of the International Situation,” issued on January 23, is ibid., RG 59, S/S Files: Lot 80 D 212.


27. Memorandum From the President’s Assistant for National Security Affairs (Kissinger) to President Nixon

Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 309, Balance of Payments. No classification marking. Bergsten sent this memorandum to Kissinger under cover of an August 26 memorandum indicating it had been revised (from an August 13 version) pursuant to Kissinger’s instructions and comments from McCracken and Burns. Bergsten recommended Kissinger sign the memorandum to the President. (Ibid.)


28. Memorandum From Secretary of the Treasury Kennedy to the President’s Assistant for AffairsNational Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, NSC Files, Country Files—Europe, Box 682, Germany, Volume III, 7-11/69. Confidential.


29. Letter From the Chairman of the Board of Governors of the Federal Reserve System (Martin) to Secretary of the Treasury Kennedy

Source: Washington National Records Center, Department of the Treasury, Office of the Assistant Secretary for International Affairs: FRC 56 76 108, BOP Improvement Measures, Volume 4, 66-69. No classification marking. A handwritten notation on the letter reads: “Copy for Mr. Volcker 10/21 6:45 pm copies to Messrs. Petty and Schaffner.”