The document also sheds light on a disagreement between the Treasury and the Fed, whereby the Treasury was willing to accept freedom in the way governments conducted their gold transactions and the Federal Reserve was opposed. The documents shows that France was a leader in opposing a ceiling on government purchases of gold and that Burns went as far as contacting then-Secretary of State Henry Kissinger to see if some type ofquid pro quocould be extracted from France if the U.S. took a less hostile position on gold accumulation.
Interestingly, the full Ford Administration had knowledge of the secret agreement with Germany. Then Secretary of the Treasury, William Simon, Kissinger, then-Chairman of the Council of Economic Avisors, Alan Greenspan,then-Director of the OMB, Jmaes Lynn, and then-Ford economic advisor, Bill Seidman, were all cc'd on the memorandum.
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