Three Days at Camp David
Three Days at Camp David

Author: Jeffrey E. Garten

Publisher: HarperCollins

Published: 2021-07-06

Total Pages: 432

ISBN-13: 006288770X

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The former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard—breaking the link between gold and the dollar—transforming the entire global monetary system. Over the course of three days—from August 13 to 15, 1971—at a secret meeting at Camp David, President Richard Nixon and his brain trust changed the course of history. Before that weekend, all national currencies were valued to the U.S. dollar, which was convertible to gold at a fixed rate. That system, established by the Bretton Woods Agreement at the end of World War II, was the foundation of the international monetary system that helped fuel the greatest expansion of middle-class prosperity the world has ever seen. In making his decision, Nixon shocked world leaders, bankers, investors, traders and everyone involved in global finance. Jeffrey E. Garten argues that many of the roots of America’s dramatic retrenchment in world affairs began with that momentous event that was an admission that America could no longer afford to uphold the global monetary system. It opened the way for massive market instability and speculation that has plagued the world economy ever since, but at the same time it made possible the gigantic expansion of trade and investment across borders which created our modern era of once unimaginable progress. Based on extensive historical research and interviews with several participants at Camp David, and informed by Garten’s own insights from positions in four presidential administrations and on Wall Street, Three Days at Camp David chronicles this critical turning point, analyzes its impact on the American economy and world markets, and explores its ramifications now and for the future.

The Great Inflation
The Great Inflation

Author: Michael D. Bordo

Publisher: University of Chicago Press

Published: 2013-06-28

Total Pages: 545

ISBN-13: 0226066959

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Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

The Terrible 10
The Terrible 10

Author: Burton A Abrams

Publisher: Independent Institute

Published: 2013-09-01

Total Pages: 305

ISBN-13: 1598131435

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The U.S. economy made impressive gains in the 20th century, but this progress makes it easy to forget a harsh reality: Americans were the victims of disastrous government policies that cost trillions of dollars in wasted resources, created mass unemployment, and kept millions of people in poverty who otherwise would have participated in the nation's growing prosperity. A complete dissection of the 10 most egregious economic blunders of the past century, this work provides the key lessons to help in avoiding such policy mistakes in the future. The Terrible 10 notes that, unlike the private sector, when the governance of the federal government fails, the role and scope of government is usually increased and that politicians from both parties tend to favor short-run benefits for friends while imposing costs on current and later generations. With issues and blame divided equally among Democrats and Republicans, this work stands as a highly readable history of how government economic blunders affect everyone.

The Nixon Tapes, 1971-1972
The Nixon Tapes, 1971-1972

Author: Douglas Brinkley

Publisher: Houghton Mifflin Harcourt

Published: 2014

Total Pages: 797

ISBN-13: 0544274156

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The infamous Nixon White House taping system captured 3,700 hours of Oval Office, Cabinet Room, and Camp David conversations between 1971 and 1973, automatically taping every single word spoken. These audio recordings have finally been released over the past decade by the National Archives, yet only fewer than 5% of them have been transcribed and published--until now.

The Invisible Bridge
The Invisible Bridge

Author: Rick Perlstein

Publisher: Simon and Schuster

Published: 2015-08-11

Total Pages: 880

ISBN-13: 1476782423

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The best-selling author of Nixonland presents a portrait of the United States during the turbulent political and economic upheavals of the 1970s, covering events ranging from the Arab oil embargo and the era of Patty Hearst to the collapse of the South Vietnamese government and the rise of Ronald Reagan--Publisher's description.

Inflated
Inflated

Author: R. Christopher Whalen

Publisher: John Wiley & Sons

Published: 2010-12-07

Total Pages: 416

ISBN-13: 0470875143

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Americans as a whole view themselves as reasonably prudent and sober people when it comes to matters of money, reflecting the puritan roots of the earliest European settlers. Yet as a community, we also seem to believe that we are entitled to a lifestyle that is well-beyond our current income, a tendency that goes back to the earliest days of the United States and particularly to get rich quick experiences ranging from the Gold Rush of the 1840s to the real estate bubble of the early 21st Century. Inflated examines this apparent conflict and makes the argument that such a world view is so ingrained in us that to expect the United States to live in a "deflated" world is simply unrealistic. It skillfully seeks to tell the story of, money inflation and public debt as enduring (and perhaps endearing) features of American life, rather than something we can one day overcome as our policy makers constantly promise. Features interviews with today's top financial industry leaders and insiders. Offer a glimpse into the future of the Federal Reserve and the role it will play in the coming years Examines what the future may hold for the value of the U.S. dollar and the real incomes of future generations of Americans The gradual result of the situation we find ourselves in will inevitably lead to inflation, loss of economic opportunity, and a decline in the value of the dollar. This book will show you why, and reveal how we might be able to deal with it.

Witness to Power
Witness to Power

Author: John Ehrlichman

Publisher: Simon & Schuster

Published: 1982

Total Pages: 442

ISBN-13:

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Provides the definitive, inside account of the Nixon presidency, describing the events, people, and especially, the fascinating personality of Richard Nixon and exploring the uses and abuses, the fascination and toll of power.

The Great Inflation and Its Aftermath
The Great Inflation and Its Aftermath

Author: Robert J. Samuelson

Publisher: Random House Trade Paperbacks

Published: 2010-01-26

Total Pages: 353

ISBN-13: 0812980042

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The Great Inflation in the 1960s and 1970s, notes award-winning columnist Robert J. Samuelson, played a crucial role in transforming American politics, economy, and everyday life. The direct consequences included stagnation in living standards, a growing belief—both in America and abroad—that the great-power status of the United States was ending, and Ronald Reagan’s election to the presidency in 1980. But that is only half the story. The end of high inflation led to two decades of almost uninterrupted economic growth, rising stock prices and ever-increasing home values. Paradoxically, this prolonged prosperity triggered the economic and financial collapse of 2008 and 2009 by making Americans—from bank executives to ordinary homeowners—overconfident, complacent, and careless. The Great Inflation and its Aftermath, Samuelson contends, demonstrated that we have not yet escaped the boom-and-bust cycles common in the nineteenth and early twentieth centuries. This is a sobering tale essential for anyone who wants to understand today’s world.