An Emerging Academic Consensus

Robert Leeson

Chapter 7 in Ideology and the International Economy, 2003, pp 47-49 from Palgrave Macmillan

Abstract: Abstract In the 1960s, there were tensions within the White House about international monetary reform. Douglas Dillon, President Kennedy’s Treasury Secretary, had been Under-Secretary of State during the Eisenhower administration and was an ‘elegantly tailored, handsome man… with the quiet assurance of someone having just achieved a pinnacle of personal success’. When Charles Coombs (1976, 16–17, 20), the senior Vice President in charge of the foreign exchange desk at the New York Fed, ‘watched [Dillon] at international gatherings I could not help feeling a certain national pride’. Coombs recalled Kennedy insisting that the gold-dollar price was ‘immutable’. The idea of altering either of these prices was ‘not a respectable matter for discussion in the halls of the Treasury’ (Volcker and Gyohten 1992, 20, 22, 25).

Date: 2003
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DOI: 10.1057/9780230286023_7

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