International Monetary Policy, 1969-1972


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

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


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

Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 216, Council of Economic Advisers. Confidential.


141. Telegram From the Department of State to the Mission to the United Nations

Source: National Archives, RG 59, Central Files 1967-69, FN 17-1. Limited Official Use. Drafted in Treasury by Willis and cleared by Volcker and Petty; cleared in State by Trezise and Kerrigan (IO/OES) and approved by Assistant Secretary of State for International Organization Affairs Samuel De Palma. Repeated to the Mission in Geneva and the Consulate in Vancouver for the U.S. delegation to the Colombo Plan meeting in Victoria.


142. Airgram From the Department of State to Treasury Representatives at the Embassies in the United Kingdom, France, Germany, Italy, and Japan

Source: National Archives, RG 59, Central Files 1967-69, FN 10 IMF. Confidential. Drafted in Treasury by Willis on November 5 and cleared by Volcker; approved in State by Weintraub. Repeated to USOECD and USEC and the Embassies in Brussels, The Hague, Bern, Stockholm, and Ottawa.


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

Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 216, Council of Economic Advisers. Confidential. The date is stamped under the handwritten note: “Back from Pres.”


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

Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 289, Treasury, Volume I. Confidential. Attached to internal National Security Council memoranda and a transmittal memorandum to the President indicating that Kissinger approved Secretary Kennedy’s recommendation on the President’s behalf since the quota increase was consistent with policy decisions already taken.


146. Memorandum of Conversation

Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, France. Confidential. Drafted by McGrew and approved by Volcker on May 20. Copies were distributed within Treasury and to the Executive Secretariat at State, Chairman Burns at the Federal Reserve, and Chairman McCracken at the Council of Economic Advisers.


148. Volcker Group Paper

Source: Washington National Records Center, Department of the Treasury, Volcker Group Masters: FRC 56 86 30, 1970, VG/LIM/70-1-VG/LIM/70. Confidential. Circulated to members of the Volcker Group under cover of a September 14 note from George Willis that indicated a shortened version of the paper was contemplated for use by the delegations in Brussels (G-10 Ministerial) and Copenhagen (IMF Annual Meeting). No shortened version was found. On August 7 Willis had circulated to members of the Group (VG/LIM/70-21) papers by Bergsten and Wonnacott advocating, respectively, the aggressive and low key approaches. (Ibid.) On August 28 Volcker had sent a copy of the Position Paper, dated August 26, to Secretary Kennedy for his approval, under cover of an August 28 memorandum indicating it had been thoroughly discussed in the Group where there was general agreement on the low key approach. (Ibid.) Volcker also told Kennedy he was sending copies to all members of the Group for concurrence, and did so on August 31. (Ibid.) There are no significant differences between the August 26 and the September 10 versions of the paper.


149. Telegram From the Embassy in Belgium to the Department of State

Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential; Limdis; Greenback. Repeated to London, Stockholm, Bonn, Paris, USOECD, Tokyo, The Hague, Bern, Ottawa, and Rome.


150. Memorandum From the U.S. Executive Director of the International Monetary Fund (Dale) to the Under Secretary of the Treasury for Monetary Affairs (Volcker)

Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, 1971 Contingency Planning Papers. Confidential; Limdis.


152. Paper Prepared in the Department of the Treasury

Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, 1971 Contingency Planning Papers. Confidential; Eyes Only.


153. Paper Prepared in the Department of the Treasury

Source: Washington National Records Center, Department of the Treasury, Deputy to the Assistant Secretary for International Affairs: FRC 56 83 26, Contingency Planning 1971. Confidential. A typed note at the top of the page reads: “2nd Draft 5:00 p.m.”


154. Information Memorandum From Ernest Johnston 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 32, European Common Market, Volume II 1971-1972. Confidential. Concurred in by Sonnenfeldt.


156. Memorandum of Conversation

Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, France. Confidential. The meeting was held in Secretary Connally’s office. Drafted on May 21 by Cates and approved, as amended, by Volcker.


157. Memorandum From the Chairman of the Council of Economic Advisers (McCracken) to President Nixon

Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 218, Council on International Economic Policy. No classification marking. A stamped notation reads: “The President has seen.” He wrote extensive marginal notes which were covered over and cannot be read on the source text, but see Document 159.


158. Memorandum From Secretary of the Treasury Connally to President Nixon

Source: Washington National Records Center, Department of the Treasury, Records of Secretary Shultz: FRC 56 80 1, JBC-Memoranda From the White House 71. Attached to a June 8 note from Peterson to Connally regarding McCracken’s June 2 memorandum to the President (Document 157). Peterson reminded Connally that “a couple of weeks ago” they had discussed the Council’s role in international monetary reform. Peterson noted that he and Connally “agreed that I would prepare a study memo in draft form that would suggest a broader frame of reference than just monetary—to include discussion of the causes of the persistent problem and a projection of the future balance of payments situation—including defense, trade balances, etc. The monetary approaches would also have to be included as one part of this but I see it in this broader context and something that you approve in advance. I hope to have a draft in your hands next week.” No such paper was found. Also attached to Peterson’s June 8 note to Connally is Connally’s June 9 memorandum to Huntsman (see footnote 4, Document 159), Huntsman’s June 8 memorandum to Connally (Document 159), and McCracken’s June 2 memorandum to the President (Document 157).


159. Memorandum From Jon Huntsman of the White House Staff to Secretary of the Treasury Connally

Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 218, Council on International Economic Policy. Confidential; Eyes Only. A copy was sent to Peter Peterson.


160. Memorandum From Ernest Johnston 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 218, Council on International Economic Policy. Confidential.


161. Memorandum From the Assistant Director of the Office of Management and Budget (Schlesinger) to the President’s Assistant for International Economic Affairs (Peterson)

Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, CIEP. No classification marking.


162. Telegram From the Department of State to the Embassy in France

Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential; Priority; Limdis; Greenback. Drafted in Treasury by Cross and cleared in draft by Volcker; cleared in State by Beigel (EUR/FBX) and approved by L. Kennon (E/IFD/OMA).


163. Telegram From the Department of State to Certain Posts

Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential; Limdis; Greenback. Drafted in Treasury by Leddy and cleared by Cross and Volcker; cleared in State by Kennon (E/IFD) and A. Katz (EUR/RPE) and approved by Trezise (E). Sent to Bern, Bonn, Brussels, The Hague, London, Ottawa, Paris, Rome, Stockholm, Tokyo, USOECD, and USEC.


166. Memorandum From the Acting Assistant Secretary of State for Economic Affairs (Katz) to Secretary of State Rogers

Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential; Nodis. Drafted by Deputy Assistant Secretary Weintraub.


167. Information Memorandum From Robert Hormats 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 376, President’s Economic Program. Confidential. Initialed by Kissinger. A copy was sent to Sonnenfeldt.