Something Tells Me This Resembles Current G20 and FOMC Meetings

Read this , at least the first 20 or so pages about Gold, SDR's, the IMF, and whether the dollar should remain the world reserve currency.  This is from the memorandum of discussion at the FED on September 21, 1971.  Here is  a quick little bit if you are too lazy to read or click on the link:
Page 5:

The responses of the others present, excluding the

United States, may be summed up along the following

lines:

(1) Quite clearly all those present wanted to

return to a relatively fixed rate system with wider

margins to add flexibility.

(2) Any new system should be based on a "neutral

reserve instrument" rather than be one in which the

dollar had special privileges.

(3) A new system clearly requires a process of

realignment to which all must make a contribution.

(4) There was general agreement that the condi

tions of the world economy were potentially as

Mr. Zijlstra had described them.

(5) All were agreed that the U.S. surcharge was

a major impediment to realignment, a major prod to

restrictions elsewhere; and they pressed for early removal.

Pages 8-9:

Central to the discussion also was a statement

by the Managing Director of the International Monetary

Fund, Mr. Schweitzer, who listed the main issues, sepa

rating them out in terms of possible stages. The

Managing Director had made a strong plea for beginning

to negotiate the issues in the first stage, and at the

concluding session of the Ministers on Thursday much

attention was given to the possibility of adopting

9/21/71

this as a work program. Mr. Schweitzer's list of issues

was as follows:

(i) A realignment of currencies.

(ii) A decision on the price of currencies in terms

of gold and, what is perhaps more important, in terms of

SDR's and positions in the Fund.

(iii) The adoption of somewhat wider margins, at

least on a temporary basis in present uncertainties.

(iv) The abolition of the U.S. surcharge.

(v) Measures designed to improve the U.S. balance

of payments that lie outside the exchange rate field.

(vi) New understandings about the role and the

convertibility of the U.S. dollar and, for the longer

term, on the place of reserve currencies, gold, and

SDR's in the international monetary system.

(vii) The desirable way of handling flows of capi

tal between industrial countries, including controls,

monetary policy, etc.

Mr. Schweitzer had included the first four in his

immediate work program. This was, however, rejected by

Secretary Connally on the grounds that we should have

some time to have our Deputies take a hard look at this

program; and, more particularly, because it seemed to

demote the trade and burden-sharing issues to a subse

quent phase and to put the gold price in the forefront

of the issues.

To read more historical FED documents and minutes go here.   Pick a year and just search for key words in the document.  For Example, 1970 and 1971 using a word find for gold, SDR, or IMF is what I used.  But just pick a year where something interesting happened and try to see if it was discussed and to what length.  It can be pretty interesting and doesn't take long at all.