Monday, November 7, 2011

Harold James - International monetary cooperation since Bretton Woods

International monetary cooperation since Bretton Woods
Harold James

8 The end of Bretton Woods? pgs 210/211

"...A subcabinet level interagency group, generally known as the "Volcker Group", on which the Treasury, the Council of Economic Advisers, the State Department, and the National Security Adviser were represented, prepared a paper on "Basic OPtions in International Monetary Affairs." It included a review of the past: "The available financing for our deficits has permitted the United States to carry out heavy overseas military expenditure and to undertake other foreign commitments, and to retain substantial flexibility in domestic economic policy". But it added that an important goal of policy was to "free...foreign policy from constrains imposed by weaknesses in the financial system." It was inappropriate to adjust foreign policy to a particular monetary system..."

[Mrt: contains many more pearls]

There is a great deal of sources at the end of the book.


The same book at IMF:

[Mrt: This is a very surprising to find this on IMF]

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