What Biden Can Learn From Nixon on the Global Economy and Other Challenges


In his new book, Three Days at Camp David, Jeffrey E. Garten tells the behind-the-scenes story of what former U.S. Treasury Secretary (and Secretary of State) George Shultz once called “the biggest step in economic policy since the end of World War II.” On the weekend of Aug. 13-15, 1971, President Richard Nixon and his top policymakers decided to halt the conversion of other nations’ dollar reserves into gold—the mainstay of the postwar financial system—so as to relieve the United States from its costly role as the main driver of global economic growth.

Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy, Jeffrey E. Garten, HarperCollins, 425 pp., $25.49, July 2021

“The days in which America shepherded Western Europe’s and Japan’s recovery, the era in which it had opened its markets to imports without receiving reciprocal…

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