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)1
- Contingency Planning
I did the attached note over the weekend mainly because of a feeling that a very large one-time SDR allocation as a part of Scenario II2 looks pretty unrealistic. But a substantial U.S. official settlements surplus combined with a much larger rate of SDR allocation—both of them by virtue of international agreement—might not be so wholly unrealistic.
- Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, 1971 Contingency Planning Papers. Confidential; Limdis.↩
- Presumably reference is to one of several scenarios in an options paper. The paper has not been found.↩
- A substantially expanded version of this paper, dated January 28, 1971, entitled “Scenario III—Exchange Rate Realignment and Related Matters,” is in the Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, 1971 Contingency Planning Papers.↩
- The Annual Meetings of the IMF-IBRD were held September 21-25, 1970, in Copenhagen.↩