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The End of Fixed Exchange Rates, January–March 1973


2. Letter From the Chairman of the Federal Reserve System Board of Governors (Burns) to President Nixon

Source: National Archives, Nixon Presidential Materials, White House Special Files, Staff Member & Office Files, President's Personal Files, Box 6, Name/Subject File, Burns, Arthur. No classification marking. A stamped notation on the first page indicates the President saw it. Copies were sent to Shultz and Kissinger.


3. Conversation Among President Nixon, Secretary of the Treasury Shultz, and the Chairman of the Federal Reserve System Board of Governors (Burns)

Source: National Archives, Nixon Presidential Materials, White House Tapes, Oval Office, Conversation 851–4. No classification marking. According to the President's Daily Diary, Nixon met with Shultz and Burns in the Oval Office from 5:11 to 6:10 p.m. (Ibid., White House Central Files) The editor transcribed the portion of the conversation printed here specifically for this volume.


4. Letter From President Nixon to Japanese Prime Minister Tanaka

Source: National Archives, Nixon Presidential Materials, White House Special Files, Staff Member & Office Files, President's Office Files, President's Handwriting, Box 20, Feb 1–15, 1973. Confidential; Limdis.


5. Memorandum of Conversation

Source: National Archives, RG 56, Office of the Under Secretary of the Treasury, Files of Under Secretary Volcker, 1969–1974, Accession 56–79–15, Box 5, Japan (General). Secret; Nodis. Drafted on March 15 by Wickel. A notation at the top of the first page reads: "Uncleared by Undersecretary Volcker." A handwritten notation below this reads: "No." The meeting took place at the Finance Minister's residence.


6. Letter From the West German Chargé d'Affaires Ad Interim in the United States (Noebel) to President Nixon

Source: National Archives, Nixon Presidential Materials, White House Special Files, Staff Member & Office Files, President's Personal Files, Box 16, Name/Subject File, Volcker, Paul. No classification marking. The original, which is marked "Provisional Translation," has several handwritten revisions which have been incorporated into the text.


7. Notes of a Telephone Conversation Between Secretary of the Treasury Shultz and the Under Secretary of the Treasury for Monetary Affairs (Volcker)

Source: National Archives, RG 56, Office of the Under Secretary of the Treasury, Files of Under Secretary Volcker, 1969–1974, Accession 56–79–15, Box 1, 1973 Devaluation. No classification marking. Shultz, who was in Washington, drafted these notes on his conversation with Volcker, who was in Bonn.


8. Notes of a Telephone Conversation Between Secretary of the Treasury Shultz and the Under Secretary of the Treasury for Monetary Affairs (Volcker)

Source: National Archives, RG 56, Office of the Under Secretary of the Treasury, Files of Under Secretary Volcker, 1969–1974, Accession 56–79–15, Box 1, 1973 Devaluation. No classification marking. Shultz, who was in Washington, drafted these notes on his conversation with Volcker, who was in Bonn.


9. Telegram From the Department of State to the Embassy in the Federal Republic of Germany

Source: National Archives, Nixon Presidential Materials, NSC Files, Box 754, Presidential Correspondence 1969–1974, Germany Willy Brandt, 1972. Secret; Immediate; Nodis. Drafted by Bennett and Scowcroft and approved by Wright and Eliot (S/S). Drafts of this telegram that are substantively the same as the version that was sent (with the exception of the two instances noted below) were cleared by Shultz, Haldeman, Ehrlich-man, and Burns. (Ibid.) A March 2 note indicates that Brandt's February 9 letter to Nixon "was sent out to HAK by wire on Feb. 9, and never went through the system. Shultz did the reply and it was transmitted by General Scowcroft (LDX to State) on Feb. 10." (Ibid.) Brandt's letter is in Document 6.


10. Notes of a Telephone Conversation Among Secretary of the Treasury Shultz, the Deputy Under Secretary of the Treasury for Monetary Affairs (Bennett), and the Under Secretary of the Treasury for Monetary Affairs (Volcker)

Source: National Archives, RG 56, Office of the Under Secretary of the Treasury, Files of Under Secretary Volcker, 1969–1974, Accession 56–79–15, Box 1, 1973 Devaluation. No classification marking. Shultz presumably took the notes on the conversation. Volcker was in Paris; Shultz and Bennett were in Washington.


11. Letter From the Japanese Ambassador to the United States (Ushiba) to Secretary of State Rogers

Source: National Archives, RG 59, Office Files of William P. Rogers, 1969–1973, Entry 5439, Box 25, WPR–Foreign Economic Policy. No classification marking. The letter is handwritten. Ushiba enclosed the letter in an envelope that he addressed by hand to Rogers and marked "Strictly Confidential." Attached is a note that indicates the letter was delivered on February 12.


13. Note by the Under Secretary of the Treasury for Monetary Affairs (Volcker)

Source: National Archives, RG 56, Office of the Under Secretary of the Treasury, Files of Under Secretary Volcker, 1969–1974, Accession 56–79–15, Box 1, 1973 Devaluation. Secret; No Distribution. Marked "For File Only."


15. Message From West German Chancellor Brandt to President Nixon

Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Confidential. Brandt's message was conveyed to President Nixon under cover of a March 2 letter from West German Ambassador Rolf Pauls. (Ibid., Box 62, Country Files, Europe, UK Memcons (originals), January–April 1973)


16. Conversation Among President Nixon, the Chairman of the Federal Reserve System Board of Governors (Burns), the Director of the Office of Management and Budget (Ash), the Chairman of the Council of Economic Advisers (Stein), Secretary of the Treasury Shultz, and the Under Secretary of the Treasury for Monetary Affairs (Volcker)

Source: National Archives, Nixon Presidential Materials, White House Tapes, Oval Office, Conversation 868–8. No classification marking. According to the President's Daily Diary, Nixon met with Burns, Ash, Stein, Shultz, and Volcker from 10:08 to 11:50 a.m. (Ibid., White House Central Files) The editor transcribed the portion of the conversation printed here specifically for this volume. The transcription is part of a larger conversation, 10:08–11:50 a.m.


17. Conversation Among President Nixon, the President's Assistant for National Security Affairs (Kissinger), and Secretary of the Treasury Shultz

Source: National Archives, Nixon Presidential Materials, White House Tapes, Oval Office, Conversation 868–15. No classification marking. According to the President's Daily Diary, Nixon met with Kissinger and Shultz from 1:10 to 2:07 p.m. (Ibid., White House Central Files) The editor transcribed the portion of the conversation printed here specifically for this volume.


18. Message From President Nixon to West German Chancellor Brandt

Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Top Secret. Another copy of the message with Nixon's initials indicates that it was sent on an urgent basis via backchannel from Kissinger to Bahr. (Ibid.)


19. Message From President Nixon to British Prime Minister Heath

Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Top Secret; Critic. Sent as White House telegram WH002.


20. Message From President Nixon to Japanese Prime Minister Tanaka

Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Top Secret.


21. Message From Japanese Finance Minister Aichi to President Nixon

Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Secret. A type-written notation on the message indicates that it was sent "from Finance Minister Aichi in Absence of Prime Minister Tanaka." Printed from an unsigned copy.


22. Message From British Prime Minister Heath to President Nixon

Source: National Archives, RG 56, Records of Secretary of the Treasury George P. Shultz, 1971–1974, Entry 166, Box 6, GPS White House. Top Secret. Scowcroft sent a copy to Shultz under cover of a March 4 memorandum that reads: "Henry has asked Sonnenfeldt to draft a reply, which we will check through you, to go out this evening." This memorandum is stamped "Noted: GPS." (Ibid., Nixon Presidential Materials, NSC Files, Box 1066, Insitutional Materials, May 1974 [7 of 9]) Another copy of the message indicates that it was sent from London on March 4 in a backchannel message at 1500Z. (Ibid., Box 431, Backchannel Files, Backchannel Messages, Hot Line CABOfc London 1972–)


23. Message From President Nixon to British Prime Minister Heath

Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Top Secret; Critic. Sent in telegram PRUS 002.


24. Transcript of a Telephone Conversation Between Secretary of the Treasury Shultz and the President's Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, Kissinger Telephone Conversations, Box 19. No classification marking.


25. Transcript of a Telephone Conversation Between West German Minister of Finance Schmidt and the President's Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, Kissinger Telephone Conversations, Box 19. No classification marking. All blank underscores are omissions in the original. Kissinger was in Washington; Schmidt was in Germany.


26. Conversation Among President Nixon, the President's Assistant for National Security Affairs (Kissinger), and Secretary of the Treasury Shultz

Source: National Archives, Nixon Presidential Materials, White House Tapes, Oval Office, Conversation 871–5. No classification marking. According to the President's Daily Diary, Nixon met with Kissinger and Shultz from 10:54 to 11:41 a.m. (Ibid., White House Central Files) The editor transcribed the portion of the conversation printed here specifically for this volume.


27. Transcript of a Telephone Conversation Between West German Minister of Finance Schmidt and the President's Assistant for National Security Affairs (Kissinger)

Source: National Archives, Nixon Presidential Materials, Kissinger Telephone Conversations, Box 19. No classification marking. Kissinger was in Washington; Schmidt was in Germany.


28. Memorandum From the Under Secretary of State for Economic Affairs (Casey) to Secretary of the Treasury Shultz

Source: National Archives, RG 56, Records of Secretary of the Treasury George P. Shultz, 1971–1974, Entry 166, Box 5, GPS State Department 1972/1974. No classification marking.


29. Memorandum From the Chairman of the Council of Economic Advisers (Stein) to Secretary of the Treasury Shultz

Source: National Archives, RG 56, Records of Secretary of the Treasury George P. Shultz, 1971–1974, Entry 166, Box 3, Council of Economic Advisers 1973. No classification marking.


30. Backchannel Message From the President's Assistant for National Security Affairs (Kissinger) to Secretary of the Treasury Shultz in Paris

Source: National Archives, Nixon Presidential Materials, NSC Files, Box 953, VIP Visits, George P. Shultz (Europe & USSR), March 8–22, 1973 [& September–October]. Confidential; Immediate; Sensitive; Exclusively Eyes Only; Urgent. The message was sent to Shultz through the Embassy in Paris.