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studied after World War I. The kind of things where people go and
put the Eurpean philosophy anyway - to put things under the lid you
know for better days. But I think what really transpired was that
when the United States devaluated within a matterx of few days that
the speculators were told the German
A lot of people
made some very fast money in Europe and at the same time coming
14 months after the first devaluation it destroyed the credibility of
the dollar. And today the first franc was aquoted 25. 5 percent over
the dollar.
K:
So it was a mistake to devalue.
B:
I think it was a great mistake yes. But of course you understand
that Mr. Schultz and I have never seen eye to eye on anything and
this goes back to the time that I was at the White House with him
and John Ehrlichman and Jim Roche (??) who was chairman of
General Motors at that time. And I guess - you know - it is just
a question of practicability and philosophy. I could always under-
stand in view of these things ifx in your practicability in the things
that you did, but I find it very hard to understand his logic. I
didn't understand it at that time and he didn't understand me when
I warned him about the Japanese threat( Because I did warn
him about it he thought that it was Japanese obsession on my part.
Jim Roche will remember that very well.
K:
Do you think the Japanese were deliberately doing this?
B:
Doing what:
K:
Deliberately contributing to this run on the dollar?
B:
No, definitely not. think they are the principal cause of it because
of the balance of payments deficit that the United States is
stuck with (???) The print principal amount has come from Japan
- 1/2 billion last year. And that - there were two things that
happened. The combination of the announcement on a very untimely
basis of phase III, together with a report of another record
in the
of the United States vizaviz foreign countries (?)
The major major part of which was Japan's - a small part of which
was Europe, very small and some part of it which was Canadian
X which is not too important, but the combination of the announcement
of Phase III together with the announcement of that grave(1 deficit
created a pure panic in Europe which was underlined and stimulated
by the Italians who were running out of their currency at the timex
into Switzerland and converting into dollars and then the dollars
were being converted into German marks. Now of course there
is a tremendous pool of Europe, Bonn money over here that
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"ocrText": "- 2 -\nstudied after World War I. The kind of things where people go and\nput the Eurpean philosophy anyway - to put things under the lid you\nknow for better days. But I think what really transpired was that\nwhen the United States devaluated within a matterx of few days that\nthe speculators were told the German\nA lot of people\nmade some very fast money in Europe and at the same time coming\n14 months after the first devaluation it destroyed the credibility of\nthe dollar. And today the first franc was aquoted 25. 5 percent over\nthe dollar.\nK:\nSo it was a mistake to devalue.\nB:\nI think it was a great mistake yes. But of course you understand\nthat Mr. Schultz and I have never seen eye to eye on anything and\nthis goes back to the time that I was at the White House with him\nand John Ehrlichman and Jim Roche (??) who was chairman of\nGeneral Motors at that time. And I guess - you know - it is just\na question of practicability and philosophy. I could always under-\nstand in view of these things ifx in your practicability in the things\nthat you did, but I find it very hard to understand his logic. I\ndidn't understand it at that time and he didn't understand me when\nI warned him about the Japanese threat( Because I did warn\nhim about it he thought that it was Japanese obsession on my part.\nJim Roche will remember that very well.\nK:\nDo you think the Japanese were deliberately doing this?\nB:\nDoing what:\nK:\nDeliberately contributing to this run on the dollar?\nB:\nNo, definitely not. think they are the principal cause of it because\nof the balance of payments deficit that the United States is\nstuck with (???) The print principal amount has come from Japan\n- 1/2 billion last year. And that - there were two things that\nhappened. The combination of the announcement on a very untimely\nbasis of phase III, together with a report of another record\nin the\nof the United States vizaviz foreign countries (?)\nThe major major part of which was Japan's - a small part of which\nwas Europe, very small and some part of it which was Canadian\nX which is not too important, but the combination of the announcement\nof Phase III together with the announcement of that grave(1 deficit\ncreated a pure panic in Europe which was underlined and stimulated\nby the Italians who were running out of their currency at the timex\ninto Switzerland and converting into dollars and then the dollars\nwere being converted into German marks. Now of course there\nis a tremendous pool of Europe, Bonn money over here that"
}