A History of the Federal Reserve, Volume 2 by Allan H. Meltzer

Author:Allan H. Meltzer
Language: eng
Format: epub
Publisher: University of Chicago Press

124. Includes reserve position in the International Monetary Fund. Excluding the reserve, the decline was 8.7 percent in 1960.

125. The new administration began planning for the speech before the inauguration. Heller asked Tobin to meet with Roosa, the new Undersecretary for Monetary Affairs. “It soon became clear that as far as he was concerned, this was going to be the most nominal and trivial cooperation” (Oral History Interview, 1964, Tobin, August 2, 169). Paul Samuelson suggested that Roosa may have believed that Tobin held Robert Triffin’s view of the problem. Tobin wanted to discuss gold guarantees of official dollar holdings (ibid., 169). This subject returned in 1962.

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