Money and security : troops, monetary policy and West Germany's relations with the United States and Britain, 1950-1971 /

By Hubert Zimmermann | Go to book overview

6
Offset and Monetary Policy During
the Kennedy Administration, 1961–1962

INTERNATIONAL MONETARY POLICY

Since the first accounts of Kennedy's presidency were published it has become common knowledge that the president took a keen interest in monetary matters and that he considered the dollar—gold problem one of his most serious challenges, to the point of comparing it with the nuclear threat.1 Contrary to the initial expectations of the Kennedy team, balanceof-payments matters became an ongoing preoccupation that turned up on the agenda with irritating regularity. Most academic research has interpreted these monetary problems as an expression of the decline of American hegemony and viewed Kennedy's policies as a fight against this decline.2 Unfortunately, these interpretations lack serious empirical underpinnings. A thorough historical account of how Kennedy managed his international monetary policy, how it evolved over time, where exactly the points of debate lay, and what strategy he pursued regarding the surplus countries still needs to be written. In this chapter I summarize and supplement previous research, outline briefly the rationales behind U. S. monetary policy toward Europe, particularly toward Germany, and show how the link between American security policy toward Europe and the monetary problem became increasingly tighter.

Kennedy's first balance-of-payments message to Congress, shortly after his inauguration, made it clear that he contemplated no radical departures from existing policies for solving the dollar problem. After the

____________________
1
Arthur M. Schlesinger Jr., A Thousand Days: John F. Kennedy in the White House (Boston, 1965), 654; Theodore Sorensen, Kennedy (New York, 1965), 405; Walt W. Rostow, The Diffusion of Power: An Essay in Recent History (New York, 1972), 136; Roosa, Dollar Problem,3.
2
See, e.g., Borden, “Defending Hegemony, ” 57–85; David P. Calleo, The Imperious Economy (Cambridge, Mass., 1982); Allen K. Matusow, “Kennedy, the World Economy, and the Decline of America, ” in J. R. Snyder, ed., JFK: Person, Policy, Presidency (New York, 1988), 111–22.

-121-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
Money and security : troops, monetary policy and West Germany's relations with the United States and Britain, 1950-1971 /
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 275

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.