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What sort of international order would result? It was in this context that the War and Peace Study project – and the Economic and Financial Group within it – was set up. 6 The council therefore could be considered a private pressure group formed by ‘internationally oriented bankers and corporate executives in New York and surrounding areas, as well as academic experts and journalists’ (Domhoff, 1990, p. 115). 9 But there were also institutional reasons that led the State Department to rely heavily on the WPS.

See ‘Selection of a Monetary Standard for the United States,’ Chapter XVII. Memorandum from Haas to Morgenthau (drafted by White), ‘Cause of gold imports, 1934–1935’ (19 November 1935); College Park, Box 1. The quotation is from p. 9. ’ (30 April 1938); College Park, Box 2. Letter to Sir David Walley (30 May 1944), in Keynes, Collected Writings XXVI, p. 42. , 1991, A Levite among the Priests: Edward M. Bernstein and the Origins of the Bretton Woods System, Boulder, Colorado: Westview Press. Blum, John Morton, 1959–1967, From the Morgenthau Diaries.

Inflation, in Viner’s view, was the danger from which neither plan seemed to provide sufficient defense (Viner, 1943, p. 210). After some attempt to defend his own plan from Viner’s criticism, Keynes admitted the legitimacy of Viner’s anxiety about inflation: Assuredly I share your concern about possible menace of inflation, or rather … the possibility of redundancy of gold. Experience shows that what happens is always the thing against which one has not made provision in advance. These currency schemes are providing against the danger of an insufficiency of international money.

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