Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976
The End of Fixed Exchange Rates, January–March 1973: Document List
Document 1: Editorial Note
Document 2: Letter From the Chairman of the Federal Reserve System Board of Governors (Burns) to President Nixon
Washington, February 1, 1973.
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.
Document 3: Conversation Among President Nixon, Secretary of the Treasury Shultz, and the Chairman of the Federal Reserve System Board of Governors (Burns)
Washington, February 6, 1973.
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.
Document 4: Letter From President Nixon to Japanese Prime Minister Tanaka
Washington, undated.
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.
Document 5: Memorandum of Conversation
Tokyo, April 4, 1969, 9:30 p.m.
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.
Document 6: Letter From the West German Chargé d'Affaires Ad Interim in the United States (Noebel) to President Nixon
Washington, February 9, 1973.
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.
Document 7: Notes of a Telephone Conversation Between Secretary of the Treasury Shultz and the Under Secretary of the Treasury for Monetary Affairs (Volcker)
February 10, 1973, 7:30 a.m.
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.
Document 8: Notes of a Telephone Conversation Between Secretary of the Treasury Shultz and the Under Secretary of the Treasury for Monetary Affairs (Volcker)
February 10, 1973, 9:10 a.m.
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.
Document 9: Telegram From the Department of State to the Embassy in the Federal Republic of Germany
Washington, February 10, 1973, 2358Z.
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.
Document 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)
February 11, 1973, 9 a.m.
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.
Document 11: Letter From the Japanese Ambassador to the United States (Ushiba) to Secretary of State Rogers
Washington, undated.
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.
Document 12: Editorial Note
Document 13: Note by the Under Secretary of the Treasury for Monetary Affairs (Volcker)
Washington, February 15, 1973.
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."
Document 14: Editorial Note
Document 15: Message From West German Chancellor Brandt to President Nixon
Bonn, March 2, 1973.
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)
Document 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)
Washington, March 3, 1973.
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.
Document 17: Conversation Among President Nixon, the President's Assistant for National Security Affairs (Kissinger), and Secretary of the Treasury Shultz
Washington, March 3, 1973.
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.
Document 18: Message From President Nixon to West German Chancellor Brandt
Washington, March 3, 1973.
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.)
Document 19: Message From President Nixon to British Prime Minister Heath
Washington, March 3, 1973, 2230Z.
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.
Document 20: Message From President Nixon to Japanese Prime Minister Tanaka
Washington, March 3, 1973.
Source: National Archives, Nixon Presidential Materials, NSC Files, Kissinger Office Files, Box 53, Country Files, Europe, Monetary Crisis, March 1973. Top Secret.
Document 21: Message From Japanese Finance Minister Aichi to President Nixon
Tokyo, March 4, 1973.
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.
Document 22: Message From British Prime Minister Heath to President Nixon
London, March 4, 1973, 1500Z.
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–)
Document 23: Message From President Nixon to British Prime Minister Heath
Washington, March 4, 1973, 2325Z.
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.
Document 24: Transcript of a Telephone Conversation Between Secretary of the Treasury Shultz and the President's Assistant for National Security Affairs (Kissinger)
Washington, March 5, 1973, 12:46 p.m.
Source: National Archives, Nixon Presidential Materials, Kissinger Telephone Conversations, Box 19. No classification marking.
Document 25: Transcript of a Telephone Conversation Between West German Minister of Finance Schmidt and the President's Assistant for National Security Affairs (Kissinger)
March 5, 1973, 2:45 p.m.
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.
Document 26: Conversation Among President Nixon, the President's Assistant for National Security Affairs (Kissinger), and Secretary of the Treasury Shultz
Washington, March 7, 1973.
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.
Document 27: Transcript of a Telephone Conversation Between West German Minister of Finance Schmidt and the President's Assistant for National Security Affairs (Kissinger)
March 7, 1973, 1:41 p.m.
Source: National Archives, Nixon Presidential Materials, Kissinger Telephone Conversations, Box 19. No classification marking. Kissinger was in Washington; Schmidt was in Germany.
Document 28: Memorandum From the Under Secretary of State for Economic Affairs (Casey) to Secretary of the Treasury Shultz
Washington, March 7, 1973.
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.
Document 29: Memorandum From the Chairman of the Council of Economic Advisers (Stein) to Secretary of the Treasury Shultz
Washington, March 7, 1973.
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.
Document 30: Backchannel Message From the President's Assistant for National Security Affairs (Kissinger) to Secretary of the Treasury Shultz in Paris
Washington, March 10, 1973, 1550Z.
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.
Document 31: Draft Memorandum From President Nixon to the President's Assistant for National Security Affairs (Kissinger)
March 10, 1973.
Source: National Archives, Nixon Presidential Materials, White House Special Files, Staff Member & Office Files, President's Personal Files, Box 4, Memoranda from the President, Memos—March 1973. No classification marking. The memorandum contains minor non-substantive handwritten revisions by the President. President Nixon spent most of March 10 at Camp David, Maryland, returning to Washington that evening. (Ibid., White House Central Files, President's Daily Diary)
Document 32: Backchannel Message From Helmut Sonnenfeldt of the National Security Council Staff to the President's Assistant for National Security Affairs (Kissinger)
Moscow, March 13, 1973, 2145Z.
Source: National Archives, Nixon Presidential Materials, NSC Files, Box 424, Backchannel Files, Backchannel Messages—Europe—1973. Secret; Immediate; Very Urgent. Received at the White House on March 14 at 0113Z.
Document 33: Editorial Note
Document 34: Backchannel Message From Helmut Sonnenfeldt of the National Security Council Staff to the President's Assistant for National Security Affairs (Kissinger)
Paris, March 16, 1973, 1026Z.
Source: National Archives, Nixon Presidential Materials, NSC Files, Box 424, Backchannel Files, Backchannel Messages—Europe—1973. Secret; Immediate; Exclusively Eyes Only.
Document 35: Editorial Note
Document 36: Backchannel Message From Helmut Sonnenfeldt of the National Security Council Staff to the President's Deputy Assistant for National Security Affairs (Scowcroft)
London, March 17, 1973, 2100Z.
Source: National Archives, Nixon Presidential Materials, NSC Files, Box 424, Backchannel Files, Backchannel Messages—Europe—1973. Secret; Immediate.
Document 37: Telegram From the Department of State to the Mission to the European Community
Washington, March 19, 1973, 2106Z.
Source: National Archives, RG 59, Central Foreign Policy Files. Secret; Limdis. Drafted by William Dutton (Bureau of European Affairs, Office of OECD, European Community and Atlantic Political-Economic Affairs) and approved by Dutton and James Nelson (EUR/CE).