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Monetary Crisis
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Henry A. Kissinger's (HAK) Office Files
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DOCUMENT WITHDRAWAL RECORD [NIXON PROJECT]
DOCUMENT
DOCUMENT
NUMBER
SUBJECT/TITLE OR CORRESPONDENTS
DATE
RESTRICTION
TYPE
IA
letter
Prime Minister Heath to the President
3/4/73
B
1B
cables
between White House and Amemb Tokyo
3/3-5/13
B
IC
cable
duplicate of text of document IA
ID
note
Pauls to the President
3/2/73
B
w/letter
FILE GROUP TITLE
BOX NUMBER
HAK
53
FOLDER TITLE
I
RESTRICTION CODES
A. Release would violate a Federal statute or Agency Policy.
E. Release would disclose trade secrets or confidential commercial or
B. National security classified information.
financial information.
C. Pending or approved claim that release would violate an individual's
F. Release would disclose investigatory information compiled for law
rights.
enforcement purposes.
D. Release would constitute a clearly unwarranted invasion of privacy
G. Withdrawn and return private and personal material.
or a libel of a living person.
H. Withdrawn and returned non-historical material.
NATIONAL ARCHIVES AND RECORDS ADM the Richard Nixon Presidential Library 084/00024
NA 14021 (4-85)
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
NIXON PRESIDENTIAL MATERIALS PROJECT
DOCUMENT CONTROL RECORD
ITEM REMOVED FROM THIS FILE FOLDER
A RESTRICTED DOCUMENT OR CASE FILE HAS BEEN REMOVED FROM
THIS FILE FOLDER. FOR A DESCRIPTION OF THE ITEM REMOVED
AND THE REASON FOR ITS REMOVAL, CONSULT DOCUMENT ENTRY
NUMBER /A ON EITHER THE DOCUMENT WITHDRAWAL RECORD
(GSA FORM 7279 OR NA FORM 1421) OR NARA WITHDRAWAL SHEET
(GSA FORM 7122) LOCATED IN THE FRONT OF THIS FILE FOLDER.
NATIONAL ARCHIVES AND RECORDS ADMINISTRATION
NLN Form 101 (revised 6-85)
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
NIXON PRESIDENTIAL MATERIALS PROJECT
DOCUMENT CONTROL RECORD
ITEM REMOVED FROM THIS FILE FOLDER
A RESTRICTED DOCUMENT OR CASE FILE HAS BEEN REMOVED FROM
THIS FILE FOLDER. FOR A DESCRIPTION OF THE ITEM REMOVED
AND THE REASON FOR ITS REMOVAL, CONSULT DOCUMENT ENTRY
NUMBER 1B ON EITHER THE DOCUMENT WITHORAWAL RECORD
(GSA FORM 7279 OR NA FORM 1421) OR NARA WITHDRAWAL SHEET
(GSA FORM 7122) LOCATED IN THE FRONT OF THIS FILE FOLDER.
NATIONAL ARCHIVES AND RECORDS ADMINISTRATION
NLN Form 101 (revised 6-85)
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
NIXON PRESIDENTIAL MATERIALS PROJECT
DOCUMENT CONTROL RECORD
ITEM REMOVED FROM THIS FILE FOLDER
A RESTRICTED DOCUMENT OR CASE FILE HAS BEEN REMOVED FROM
THIS FILE FOLDER. FOR A DESCRIPTION OF THE ITEM REMOVED
AND THE REASON FOR ITS REMOVAL, CONSULT DOCUMENT ENTRY
NUMBER IC ON EITHER THE DOCUMENT WITHDRAWAL RECORD
(GSA FORM 7279 OR NA FORM 1421) OR NARA WITHDRAWAL SHEET
(GSA FORM 7122) LOCATED IN THE FRONT OF THIS FILE FOLDER.
NATIONAL ARCHIVES AND RECORDS ADMINISTRATION
NLN Form 101 (revised 6-85)
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
NIXON PRESIDENTIAL MATERIALS PROJECT
DOCUMENT CONTROL RECORD
ITEM REMOVED FROM THIS FILE FOLDER
A RESTRICTED DOCUMENT OR CASE FILE HAS BEEN REMOVED FROM
THIS FILE FOLDER. FOR A DESCRIPTION OF THE ITEM REMOVED
AND THE REASON FOR ITS REMOVAL, CONSULT DOCUMENT ENTRY
NUMBER ID ON EITHER THE DOCUMENT WITHDRAWAL RECORD
(GSA FORM 7279 OR NA FORM 1421) OR NARA WITHDRAWAL SHEET
(GSA FORM 7122) LOCATED IN THE FRONT OF THIS FILE FOLDER.
NATIONAL ARCHIVES AND RECORDS ADMINISTRATION
NLN Form 101 (revised 6-85)
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
CONFIDENTIAL
Message from Chancellor Brandt
March 2, 1973
Dear Mr. President:
The talks for which Prime Minister Heath was in Bonn yesterday
and today, centered on the alarming new currency crisis which - as
you know - forced the Federal Government to close the exchange market
for another time. We agreed that we must make every conceivable
effort to find a way out which strengthens European integration. After
his return to London, the Prime Minister will thoroughly examine
what contribution his Government can make to a common solution.
I am convinced that a joint action represents at the same time an
element of stabilization in the world political situation. This is to the
benefit of all members of the Western world. A weakening of the
Community by separate action would be harmful to all.
Much will depend now on the results of the forthcoming meeting
of the Ministerial Council of the European Community. The Federal
Government is prepared to do everything in its power in order to
achieve a positive result.
Yours sincerely,
/s/ Willy Brandt
CONFIDENTIAL
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
******* TOP SECRET
COPY
CRITIC
PRU002
2230 ZULU 03 MAR 73
FROM THE PRESIDENT
TO THE PRIME MINISTER
TOPSECRET
WHOO2
DEAR MR. PRIME MINISTER:
I RECEIVED TODAY A LETTER FROM CHANCELLOR BRANDT ABOUT HIS
DISCUSSIONS WITH YOU. WITH RESPECT TO THE EUROPEAN CURRENCY CRISIS
HE MADE THE FOLLOWING POINT: "WE AGREE THAT WE MUST MAKE EVERY
CONCEIVABLE EFFORT TO FIND A WAY nUT WHICH STRENGTHENS EUROPEAN
INTEGRATION. AFTER HIS RETURN TO LONDON, THE PRIME MINISTER WILL
THOROUGHLY EXAMINE WHAT CONTRIBUTION HIS GOVERNMENT CAN MAKE
TO A COMMON SOLUTION, I AM CONVINCED THAT A JOINT ACTION
REPRESENTS AT THE SAME TIME AN ELEMENT OF STABILIZATION IN THE WORLD
POLITICAL SITUATION." THERE IS NO QUESTION ABOUT THE DESIRARILITY
OF ENDING THE NEW CURRENCY CRISIS AS RAPIDLY AS POSSIBLE, ALL THE
MORE SO AS WE BELIEVE THAT THE EXCHANGE RATES ESTABLISHED SOME
WEEKS AGO ARE ESSENTIALLY SOUND. AT THE SAME TIME, WE CANNOT ACCEPT
THE PROPOSITION THAT THE SOLE CRITIERION THAT SHOULD BE CONSIDERED
IN PUTTING FORWARD A SOLUTION IS WHETHER IT CONTRIBUTES TO THE
STRENGTHENING OF EUROPEAN INTEGRATION. AS YOU KNOW, AND I THINK
AGREE WITH ME, IN SUPPORTING EUROPEAN INTEGRATION WE HAVE
ALWAYS SEEN IT AS A STEP CONTRIBUTING TOWARD ATLANTIC PARTNERSHIP
AND NOT AS A MEANS TO ENABLE EITHER SIDE TO PROCEED UNILATERALLY
ON A MATTER OF FUNDAMENTAL CONCERN TO THE OTHER. IT IS A BAD
PRECEDENT FOR ALLIES IF THEY CONFRONT EACH OTHER WITH A FAIT
ACCOMPLI. ANY PROPOSAL TO DEAL WITH THE PRESENT CURRENT CRISIS
CAN ONLY BE PUT FORWARD ON THE BASIS OF FULL CONSULTATION WITH
COUNTRIES WHOSE INTERESTS ARE INVOLVED--INCLUDING ESPECIALLY THE
UNITED STATES AND JAPAN. I WOULD THEREFORE HOPE THAT BEFORE ANY
PROPOSALS ARE MADE FINAL WE WILL HAVE AN OPPORTUNITY TO EXPRESS
OUR VIEWS. I LOOK FORWARD TO HEARING YOUR REACTION TO THIS AND I
WANT TO ASSURE YOU ABOUT OUR COMMITMENT TO EUROPEAN INTEGRATION
AND ATLANTIC PARTNERSHIP.
I AM WRITING IN THE SAME SENSE TO CHANCELLOR BRANDT.
WITH BEST WISHES,
RICHARD NIXON
THE RIGHT HONORABLE EDWARD HEATH
PRIME MINISTER
*WHSR COMMENT
SCOWCROFT,LORD.HOWE
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This RECALLED document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
PSN.004151
PAGE
TOR:064/23:16Z
DTG:032230Z
******** TOP SECRET *******S COPY
LONDON, ENGLAND
MESSAGE ENDS
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
RECALLED
sent
TOP SECRET
March 3, 1973
VIA SPECIAL CHANNEL
TO:
MINISTER EGON BAHR, BONN GERMANY
URGENT
fK
FROM: HENRY A. KISSINGER, WHITE HOUSE, WASHINGTON
1. I would appreciate your delivering the following message
from the President to the Chancellor urgently.
2. Begin text of message.
End text of message.
3. Best regards.
TOP SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
Dear Mr. Chancellor:
I greatly appreciated your letter of March 2 and your courtesy
in informing me about the decision you and Prime Minister Heath have
taken with respect to the currency crisis. I want to put before you my
own considerations, There is no question about the desirability of
ending the new currency crisis as rapidly as possible, all the more so
as we believe that the exchange rates established some weeks ago are
lines
essentially sound. At the same time I cannot agree that the only criterion
that should be considered in putting forward a solution is whether it
contributes to the strengthening of European integration. As you know,
I have strongly supported European integration and intend to continue to
do so, but as I believe we both agree, European integration should also
be seen as a step towards increased Atlantic cooperation. It therefore
seems to me that any proposal to deal with the present currency crisis
can only be put forward on the basis of full consideration with countries
whose interests are involved -- including especially the United States
and Japan. I would therefore hope that before any proposals are made
final we will have an opportunity to express our views. I look forward to
hearing your reaction and I want to assure you about our commitment to
European integration and Atlantic partnership.
I am writing along similar lines to Prime Minister Heath.
With best wishes (S/ Exchard hipen
R.N.
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
TOP SECRET
Message to Chancellor Brandt
March 3, 1973
Dear Mr. Chancellor:
I greatly appreciated your letter of March 2 and your courtesy in
informing me about the decision you and Prime Minister Heath have
taken with respect to the currency crisis. I want to put my own consi-
derations before you. There is no question about the desirability of
ending the new currency crisis as rapidly as possible, all the more so
as we believe that the exchange rates established some weeks ago are
essentially sound. At the same time I cannot agree that the only criterion
that should be considered in putting forward a solution is whether it
contributes to the strengthening of European integration. As you know,
I have strongly supported European integration and intend to continue to
do so, but as I believe we both agree, European integration should also
be seen as a step towards increased Atlantic cooperation. It therefore
seems to me that any proposal to deal with the present currency crisis
can only be put forward on the basis of full consideration with countries
whose interests are involved including especially the United States
and Japan. I would therefore hope that before any proposals are made
final we will have an opportunity to express our views. I look forward
to hearing your reaction and I want to assure you about our commitment
to European integration and Atlantic partnership.
I am writing along similar lines to Prime Minister Heath.
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED With This document best has wis been reviewed pursuant to Executive brder 13526 and has been determined to be declassified.
TOP SECRET
Message to Prime Minister Heath
March 3, 1973
Dear Mr. Prime Minister:
I received today a letter from Chancellor Brandt about his dis-
cussions with you. With respect to the European currency crisis he
made the following point: "We agree that we must make every conceivable
effort to find a way out which strengthens European integration. After
his return to London, the Prime Minister will thoroughly examine
what contribution his Government can make to a common solution, I am
convinced that a joint action represents at the same time an element of
stabilization in the world political situation. 11 There is no question about
the desirability of ending the new currency crisis as rapidly as possible,
all the more so as we believe that the exchange rates established some
weeks ago are essentially sound. At the same time, we cannot accept
the proposition that the sole criterion that should be considered in
putting forward a solution is whether it contributes to the strengthening
of European integration. As you know, and I think agree with me, in
supporting European integration we have always seen it as a step contri-
buting toward Atlantic partnership and not as a means to enable either
side to proceed unilaterally on a matter of fundamental concern to the other.
It is a bad precedent for allies if they confront each other with a fait
TOP SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
TOP SECRET
-2-
accompli. Any proposal to deal with the present currency crisis can
only be put forward on the basis of full consultation with countries whose
interests are involved - including especially the United States and Japan.
I would therefore hope that before any proposals are made final we will
have an opportunity to express our views. I look forward to hearing
your reaction to this and I want to assure you about our commitment to
European integration and Atlantic partnership.
I am writing in the same sense to Chancellor Brandt.
With best wishes,
/s/ Richard Nixon
TOP SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
TOP SECRET
Message to Prime Minister Tanaka
March 3, 1973
Dear Mr. Prime Minister:
I have today received a letter from Chancellor Brandt informing
me that the European countries are planning to develop a proposal
to deal with the current currency crisis. I want you to know that I
have replied to Chancellor Brandt and have also written to Prime
Minister Heath saying that any solution to the currency crisis should
be developed through full consultations with the United States and with
Japan - a point we had previously made orally to Prime Minister Heath.
We will be prepared to exchange views with you on this subject.
With kind regards.
/s/ Richard Nixon
TOP SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
TOP SECRET
Message to Prime Minister Heath
March 4, 1973
Dear Mr. Prime Minister:
I appreciated your prompt reply to my message and was glad to
have so full an account of your thinking about the currency crisis.
The spirit in which you are approaching this problem closely
corresponds to myoown. I believe as you do that it should be possible
to arrive at arrangements which, while advancing the goal of European
integration, fully take account of broader world interests, including
our own. Certainly, this should apply to such arrangements as may be
necessary to develop a joint Community float, should that be your
preferred choice.
We shall all have to bear in mind that as decisions are made in the
present crisis, we will be helping to determine the shape of a new
monetary system and the prospects for moving ahead rapidly towards
rebuilding a fully agreed institutional framework. I fully share your
desire that any solution arrived at should reduce the risk of further crises.
Secretary Shultz will remain available for consultations with Mr.
Barber.
With best wishes.
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
SECRET
Message from Finance Minister Aichi in Absence of
Prime Minister Tanaka
March 4, 1973
Message from President Nixon very much appreciated. Govern-
ment of Japan is anxious to exchange views with USG on current currency
crisis.
GOJ wonders when and where it should send emissary for consul-
tations with USG. Finance Ministry Advisor Hosomi originally planned
leave Tokyo for Washington Thursday March 8, 1973, reported in Aichi
message March 2 to Shultz, and Vice Minister Inamura expected to leave
Tokyo Sunday, March 11, 1973 for New York City for overnight stop
proceeding to Washington March 12 for Deputy Minister meeting of
Group of 20, March 14-16. Hosomi could leave Monday, March 5, 1973
if JOG could be informed where USG officials would like to meet with him,
or could wait until March 8 and arrive as planned if there is no urgency.
Plan contact Tanaka tonight when Prime Minister returns to Tokyo.
Inamura will call me [Aichi] by 2200 tonight Tokyo time if Prime Minister
has any other thoughts. Please convey by 1000 Washington time, March 4
any message or send immediate telegram as to action USG would like to
SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
SECRET
-2-
have GOJ take with respect to sending an emissary, probably Hosomi,
if you want him to leave Tokyo March 5. I [Aichi] have promised to
call Inamura by 2400 tonight Tokyo time.
Inamura says GOJ has had no contact with European Governments
during current currency crisis since they consider present flurry a
strictly European problem, primarily a German problem. GOJ is
keeping foreign exchange market in Tokyo closed March 5. No decision
yet on market's opening on March 6.
SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
******** TOP SECRET *******S COPY
CRITIC
PRUS002
042325Z MAR 73
FROM THE PRESIDENT
TO THE PRIME MINISTER
TOPSECRET
DEAR MR. PRIME MINISTER:
I APPRECIATED YOUR PROMPT REPLY TO MY MESSAGE AND WAS GLAD TO
HAVE SO FULL AN ACCOUNT OF YOUR THINKING ABOUT THE CURRENCY CRISIS.
THE SPIRIT IN WHICH YOU ARE APPROACHING THIS PROBLEM CLOSELY
CORRESPONDS TO MY OWN. I BELIEVE AS YOU DO THAT IT SHOULD BE POSSIBLE
TO ARRIVE AT ARRANGEMENTS WHICH, WHILE ADVANCING THE GOAL OF EUROPEAN
INTEGRATION, FULLY TAKE ACCOUNT OF BROADER WORLD INTERESTS, INCLUDING
OUR OWN. CERTAINLY, THIS SHOULD APPLY TO SUCH ARRANGEMENTS AS MAY
BE NECESSARY TO DEVELOP A JOINT COMMUNITY FLOAT, SHOULD THAT BE YOUR
PREFERRED CHOICE.
WE SHALL ALL HAVE TO BEAR IN MIND THAT AS DECISIONS ARE MADE IN THE
PRESENT CRISIS, WE WILL BE HELPING TO DETERMINE THE SHAPE OF
A NEW MONETARY SYSTEM AND THE PROSPECTS FOR MOVING AHEAD RAPIDLY
TOWARDS REBUILDING A FULLY AGREED INSTITUTIONAL FRAMEWORK. T FULLY
SHARE YOUR DESIRE THAT ANY SOLUTION ARRIVED AT SHOULD REDUCE THE RISK
OF FURTHER CRISES.
SECRETARY SHULTZ WILL REMAIN AVAILABLE FOR CONSULTATIONS WITH MR.
BARBER.
WITH BEST WISHES.
SIGNED RICHARD NIXON
*WHSR COMMENT
SCOWCROFT,LORD,HOWE
Reproduced at the Richard Nixon Presidential Library.
RECALLED
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
PSN:004576
PAGE 01
ПР 01
TOR:064/00:37Z
DTG:042325Z
SECRET
Message from Foreign Minister Aichi
March 5, 1973
Finance Minister Aichi has decided to send Advisor to Fin Min
Hosomi to Washington tonight via JAL Flight No 062, departing
Tokyo 2130 Tokyo time accompanied by Fujioka Masao, Deputy
Director-General International Finance Bureau, Ministry of Finance,
and Sagami. They will be available for consultation Tuesday morning
March 6 in Washington and will contact Paul Volcker. Hosomi prepared
to go to Europe for meeting with Finance Ministers if desirable.
PM Tanaka and Aichi are reluctant to make formal written reply
to President Nixon's message to Tanaka because of sensitivepposition
of Tanaka Cabinet during current budget hearings in the Diet and necessity
of spreading knowledge of the message through Japanese Foreign Ministry
if formal reply required. Believe action of dispatching Hosomi is
adequate answer at this time. due to desire to keep these exchanges
of messages very secret.
SECRET
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.
THE WHITE HOUSE
WASHINGTON
March 9, 1973
Henry:
Do you wish to give State copies of the
correspondence with the British, Germans
and Japanese on the monetary crisis which
was exchanged last weekend?
Yes V
No
m a stiritly close-Lall
basis for secretary Brent Scowcroft only
Reproduced at the Richard Nixon Presidential Library.
This document has been reviewed pursuant to Executive Order 13526 and has been determined to
THE WHITE HOUSE
WASHINGTON
TOP SECRET/SENSITIVE/EYES ONLY
March 9, 1973
MEMORANDUM FOR:
Theodore L. Eliot, Jr.
Executive Secretary
Department of State
Attached are the recent exchanges of messages between the
President and Prime Minister Heath, Chancellor Brandt, and
Prime Minister Tanaka, on the monetary crisis.
These are, of course, provided exclusively for the eyes of the
Secretary.
151
Brent Scowcroft
Brigadier General, U. S. Air Force
Attachments
TOP SECRET/SENSITIVE/EYES ONLY
Reproduced at the Richard Nixon Presidential Library.
DECLASSIFIED This document has been reviewed pursuant to Executive Order 13526 and has been determined to be declassified.