EXCERPT:

In the summer of 1963, four European nations (Germany, Italy, France, and Switzerland), demanded payment in gold from the United States Treasury for 654 million American dollars held by banking institutions in those nations. Fearing that that much gold taken out of our shrunken gold reserve would create an economic crisis in the United States, the Kennedy administration asked the European nations to accept short-term notes which will be payable in gold – most of them after the elections of 1964.(1) Concerning this deal, United States Representative Jack Westland (Republican, Washington) said: “This is the first time in living memory that we’ve had to borrow money from foreign governments. The American people are certainly unaware of this gimmick, which merely postpones the day when our fiscal chickens come home to roost.”!”

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