Chapter 5

79 Gross national product rose over 5 percent in the first year of the tax cuts. . . All statistics for United States gross domestic product are from the United States Department of Commerce, Bureau of Economic Analysis, National Economic Accounts Data, www.bea.gov.

80 Inflation, measured year over year, almost doubled from an acceptable 1.9 percent in 1965 . . . All statistics for United States inflation (consumer price index) are from the United States Department of Labor, Bureau of Labor Statistics, http://data.bls.gov.

80 The British balance of payments had been deteriorating since the early 1960s . . . Richard Roberts, “Sterling and the End of Bretton Woods,” XIV International Economic History Congress, University of Helsinki, Finland, 2006.

82 He called for a return to the classical gold standard . . . “Money: De Gaulle v. the Dollar,” Time, February 12, 1965.

83 revealed in a letter from Karl Blessing, president of the Deutsche Bundesbank . . . Letter of Karl Blessing to William McChesney Martin, March 30, 1967, Lyndon Baines Johnson Library and Museum, Austin, Texas, lbjlibrary.org.

84 On November 29, 1968, not long after the collapse of the London Gold Pool . . . “The Monetary System: What’s Wrong and What Might Be Done,” Time, November 29,

86 Nixon wrapped his actions in the American flag . . . Richard M. Nixon, “Address to the Nation Outlining a New Economic Policy: ‘The Challenge of Peace,’” August 15, 1971, www.presidency.ucsb.edu/ws/indexphp? pid=3115#axzz1LXd02JEK.

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