Sunday, February 13, 2011

Nixon Secretly Wanted an International Monetary Crisis

Do some economic crises appear stage managed to you? President Nixon apparently thought stage managed crises were a good way to direct policy.

In the new book, Inside the Nixon Administration, the post-humously published memoir of former Federal Reserve Chairman Arthur Burns, Burns wrote:
I was seized suddenly with fear for the safety of our country...the thought flashed through my mind of an earlier conversation , when he [President Nixon] asked me to inform him when I thought it would be a good time to bring on an international monetary crisis and added, winking privately as he spoke, "I don't mind crises."

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