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Balance-of-Payments Policy Causes White House Conflict
A dispute within the Nixon administration over how to handle the United States balance of payments surfaces in testimony by Secretary of the Treasury John Connally. Connally rejects monetary magic and argues deficits require policy changes, while the Council of Economic Advisers favors a passive approach leaving exchange rates largely as is. The debate centers on whether to push currency realignment or avoid rate changes, with Treasury emphasizing restraint and the CAAs pressing for structural action.
MENTIONED IN THIS ARTICLE
Leonard Silk
N.Y
Nixon
Connally
Council of Economic Advisers
United States
U.S
Paul W. McCracken
Council
Treasury
Paul A. Volcker
Volcker
Japan
Germany
America
White House
Peter Peterson
Bell and Howell Company