International Monetary Policy, 1969-1972
199. Telegram From the Embassy in Germany to the Department of State
Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential; Limdis; Greenback. Repeated to London, Paris, Rome, Brussels, The Hague, USEC, and USOECD.
201. Paper Prepared in the Department of the Treasury
Source: Washington National Records Center, Department of the Treasury, Records of Secretary Shultz: FRC 56 80 1, Rome G-10 Meeting 11/30-12/1/71. No classification marking. Prepared as background for the G-10 Ministerial meeting; see Document 200.
202. 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, Agency Files, Box 289, Treasury Volume II, 1971. Secret.
204. 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 216, Council of Economic Advisers. No classification marking. The memorandum is Tab A to a December 1 memorandum from Hormats to Kissinger that summarized three reports on foreign reactions to the international aspects of the New Economic Policy. McCracken’s November 24 note sending Kissinger a copy of this memorandum noted that he was sending it to Kissinger “because my major impressions from this meeting seem to center more in the political than in the economic domain.” Tabs B and C were papers from the Department of State.
205. Telegram From the Embassy in Belgium to the Department of State
Source: National Archives, RG 59, S/S Files: Lot 73 D 153, Box 124, Morning Summaries. Confidential. Repeated to Bonn, Bern, London, Luxembourg, Paris, Rome, The Hague, Tokyo, USOECD, and USEC.
206. Telegram From the Embassy in Germany to the Department of State
Source: National Archives, RG 59, S/S Files: Lot 73 D 153, Box 124, Morning Summaries. Confidential. Repeated to Brussels, The Hague, London, Luxembourg, Paris, Rome, USEC, and USOECD.
207. Telegram From the Department of State to Certain Posts
Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential; Priority. Drafted in Treasury by Assistant Secretary Petty on November 24, cleared in State in E/OT and by Kempe and Katz, and approved by Deputy Assistant Secretary Weintraub (E/IFD). Sent to Bern, Brussels, Ottawa, Paris, Bonn, Rome, Tokyo, The Hague, London, Stockholm (G-10 capitals) and to USOECD, USEC, and the Mission in Geneva for Eberle. Repeated to Canberra, Copenhagen, Dublin, Helsinki, Madrid, Oslo, and Vienna.
208. Telegram From the Embassy in France to the Department of State
Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential. Repeated to Bern, Bonn, Brussels, The Hague, London, Rome, Tokyo, and USEC.
209. Information Memorandum From the President’s Assistant for International Economic Affairs (Peterson) to President Nixon
Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 218, Council on International Economic Policy. Secret. Attached to a December 8 memorandum from Hormats to Haig recommending the NSC not object to Peterson’s memorandum going to the President.
211. Telegram From Secretary of the Treasury Connally to the White House
Source: National Archives, Nixon Presidential Materials, NSC Files, Back Channel Files, Box 423, Europe-Mid East-Latin America 1971. Secret. [text not declassified] According to a handwritten notation, the telegram was distributed to Kissinger, Haig, and Shultz, and an attached November 30 note indicates that Haig directed that a copy be given to Hormats.
213. Telegram From the Department of State to Certain Posts
Source: Washington National Records Center, Department of the Treasury, Secretary’s Memos: FRC 56 74 17, Classified Miscellaneous 1971. Confidential; Immediate. Drafted in Treasury by Assistant Secretary Petty on December 3 and sent to the State Department for transmission to Bonn, Brussels, The Hague, London, Luxembourg, Paris, Rome, USEC, and USOECD. According to telegrams from the addressees (see Document 215), it was transmitted as telegram 219288.
214. Telegram From the Mission to the European Community to the Department of State
Source: National Archives, RG 59, S/S Files: Lot 73 D 153, Box 124, Morning Summaries. Secret; Exdis. Repeated to Paris for Deputy Under Secretary Samuels. Similar messages were received from the Embassies in Bonn (telegram 15042, December 3) and Rome (telegram 7658, December 4). (Both ibid., Central Files 1970-73, FN 10)
215. Telegram From the Embassy in the Netherlands to the Department of State
Source: National Archives, RG 59, Central Files 1970-73, FN 10. Secret; Exdis. Repeated to Bern, Bonn, Brussels, London, Luxembourg, Ottawa, Paris for Deputy Under Secretary Samuels and Ambassador Middendorf, Rome, Stockholm, Tokyo, USEC, and USOECD.
216. Telegram From the Department of State to Certain Posts
Source: National Archives, RG 59, Central Files 1970-73, FN 10. Confidential. Drafted in Treasury by Petty on December 6 and cleared by Volcker in draft; cleared in State by D.B. Timmins (E/IFD/OMA) and approved by Weintraub (E/IFD). Sent to G-10, OECD, and NATO capitals and to USEC and USOECD.
217. Telegram From the Embassy in Germany to the Department of State
Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 356, Monetary Matters. Secret; Exdis. Repeated to The Hague, Luxembourg, London, Paris, Rome, Brussels, and USEC. Attached to a December 9 memorandum from Hormats to Kissinger regarding economic policy at the Summit.
218. Telegram From the Mission to the European Community to the Department of State
Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 356, Monetary Matters. Confidential. The copy of the telegram printed here does not have the list of posts to which the telegram may have been repeated. It is attached to a December 11 memorandum from Peterson to Kissinger entitled “Trade Negotiations Status—To Take With You to Azores Meeting.”
220. Paper Agreed by President Nixon and President Pompidou
Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 356, Monetary Matters, Envelope marked Bermuda. No classification marking. Initialed by Presidents Nixon and Pompidou at the bottom of the first page and signed by both at the end. An earlier version of the paper that Kissinger marked up, apparently during his breakfast meeting with Pompidou on December 14, is ibid. According to the memorandum of conversation of that meeting (see Document 219), Kissinger read Pompidou the proposed text of item 6 as formulated by Connally. Pompidou said he could not agree to the statement as read; he could not accept the absence of any mention of fixed parities. Kissinger wrote in the left margin of the draft: “Fixed Parity must be in.” In the expanded meeting at the conclusion of the Summit, Connally noted that the item 5 language had been modified. See also footnote 4, Document 223. The text of the earlier version of the paper is indicated in footnotes 2-9 below.
222. Urgent Information Memorandum From Robert Hormats and Helmut Sonnenfeldt 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 678, France Volume 9 Jan-July 72. Secret.
223. Letter From President Pompidou to President Nixon
Source: National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 290, Treasury, Volume III. No classification marking. The French text of Pompidou’s letter was sent telegraphically. (Ibid., Subject Files, Box 356, Monetary Matters) This translation is attached to an undated memorandum from Haig to Kissinger, which indicates that the translation, made by Sonnenfeldt, is a “slightly sanitized” version of Pompidou’s message, which Kissinger could give to Secretary Connally. Haig reminded Kissinger that an interim response had been sent to Pompidou indicating his message would be given “careful and serious consideration” when Connally returned from Texas. The interim response was not found. Additional documentation concerning this letter, including a memorandum from Kissinger transmitting this “hot line” letter to Connally, drafts of President Nixon’s response, and Sonnenfeldt’s comments on the drafts are ibid.
224. Letter From President Nixon to President Pompidou
Source: National Archives, Nixon Presidential Materials, NSC Files, Subject Files, Box 356, Monetary Matters. Secret. “HOT LINE” is typed at the top of the page. Earlier drafts of this letter and Sonnenfeldt’s comments on the drafts, which express concern that they did not adequately address measures to defend the dollar and the U.S. position on convertibility, are ibid. Sonnenfeldt thought Pompidou would view those inadequacies as evasive and unresponsive to his concerns.
227. Telegram From the Embassy in Italy to the Department of State
Source: National Archives, RG 59, Central Files 1970-73, FN 10 EEC. Confidential; Limdis; Greenback. Repeated to Bern, Bonn, Brussels, Copenhagen, Dublin, The Hague, London, Luxembourg, Ottawa, Oslo, Paris, Santiago (where the UNCTAD III Ministerial was getting underway), Stockholm, Tokyo, Vienna, USEC, and USOECD.
228. Volcker Group Paper
Source: Washington National Records Center, Department of the Treasury, Volcker Group Masters: FRC 56 86 30, 1972, VGA/72-1-VGA/72-50. Confidential. The April 28 cover memorandum from George H. Willis to the Volcker Group Alternates indicates these are revised recommendations for the VGA/72-34 paper on this subject prepared in OMB by Geza Feketekuty. VGA/72-34, dated April 12, was circulated to the VGAs on April 13. An earlier version of Feketekuty’s paper, entitled “Methods of Inducing Surplus Countries To Adjust,” was circulated as VGA/72-26 on April 5. (Both ibid.)