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Nixon & Kissinger Discuss Collapsing Smithsonian International Monetary System 3-5-1973

White House tape. Conversation between President Richard Nixon and Secretary of State Henry Kissinger of March 5, 1973: Three sections of the conversation on the collapsing Smithsonian Agreement international monetary system. These three sections amounted to about 5 minutes out of a half hour conversation on various foreign policy issues. Audio quality varies. These excerpts are from conversation 417-3 in the Nixon library classification. The first section has discussion on: British position -Letter from UK Prime Minister Edward R. G. Heath -President's talk with Treasury Secretary George P. Shultz -Meeting with UK Ambassador to the US George R. S. Baring [Earl of Cromer] -Common float West Germany's position -Telephone call to Kissinger by Finance Minister Helmut H. W. Schmidt -Request for US intervention -Shultz's view -President's opinion Japan's Prime Minister Tanaka is said to be please with the US position The second section has discussion on: -President's leadership -Actions on currency -Reform of monetary system -West Germany's position -Treasury Secretary Shultz's viewpoint -President's view of intervention -Political impact The third section has discussion on: -Europe -Kissinger's meeting with Shultz -Kissinger's call to West German Finance Minister Schmidt -UK Prime Minister Heath, Japanese Prime Minister Tanaka -French President Georges J. R. Pompidou Despite this conversation, when the Smithsonian system collapsed it was largely the Shultz position that prevailed. The Europeans went ahead with their common float which eventually evolved into the euro. The US largely refrained from intervention in currency markets.
Length: 06:42

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