The Fruits of Graft: Great Depressions Then and Now by Wayne Jett

Author:Wayne Jett [Jett, Wayne]
Language: eng
Format: epub
Publisher: Launfal Press, Div. of Classical Capital LLC
Published: 2011-07-31T07:00:00+00:00

As Safire and Stein embarked on the trip by limousine to a helipad, Stein described the coming three days as perhaps “the most important weekend in the history of economics since March 4, 1933 [Roosevelt’s first inauguration]…. I would not be surprised if the President closed the gold window.”556At the outset of the Camp David meetings, Nixon described the exposure of gold reserves to foreign exchange earnings as an urgent crisis. He asked everyone to give best advice without regard to their past positions. Only Burns spoke against closing the gold window, based upon aversion to devaluation and desire for continuing good will of trading partners. Volcker argued the crisis was so dire all U.S. gold reserves could be lost to foreign central banks as early as Monday, the next market day, if word of Britain’s move to exchange dollars for gold leaked.

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