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Frederick Nymeyer to Pierre-Paul Schweitzer Letter, July 4, 1965
FREDERICK NYMEYER, 16546 South Park Avenue, South Holland, Illinois, U.S. A.
July 4, 1965
Monsieur Pierre-Paul Schweitzer
Managing Director
International Monetary Fund
19th and H Streets, N.W.
Washington, D. C.
Monsieur,
I have read the translation into English of your address
on June 2, 1965 before the Institut d'Etudes Bancaires et
Financieres in Paris.
Reading INTERNATIONAL FINANCIAL NEWS SURVEY is maybe the
easiest and most time-conserving way, for a private person, to
obtain an understanding of what is going on in the financial world.
Your speech has been printed in the NEWS SURVEY.
I think that the world should be happy that you are the
Managing Director of the International Monetary Fund. There are
many variations of opinion on monetary matters, which maybe can
be grouped according to a dichotomous division, as (1) opinions
that are based on trust in mortal men (and, in this situation,
in their a a agenent of money); and (2) those who (if
they do not mistrust good men) at least do not believe even good
men can, when placed under political pressure, permanently
successfully resist unsound programs.
Such pressure appears inevitable, and cautious men there-
fore seek a system under which it will be difficult to put a
monetary manager under pressure, i.e., an "automatic" system, as
the pre-1914 Gold Standard system. I myself am to be classified
in the second category; (I have more trust in the fact that the
gold supply is stable and can only be slowly increased, than in
the stability of judgment of those who can control the selection
of monetary managers).
I have inferred you are a proponent of "conservative"
monetary policy; but if so, you will have the majority of men
unsympathetic to you. Circumstances will require that you be
most diplomatic toward them.
In the final analysis, I assume you retain your position
because you have the more prudent men on your side, whose wisdom
more than makes good their numerical weakness. I think the same
situation prevails for the distinguished William McChesney Martin
in the United States. I hope you both will be able to pursue a
judicious course with surpassing skill.
As a private citizen (business man), I write you to
express my unhappiness about continued pressure upon you to expand
credit: I realize that for you to be as positive as I shall be
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Frederick Nymeyer to Pierre-Paul Schweitzer Letter, July 4, 1965
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07/04/1965