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Devaluation #227117

CBS Evening News for Tuesday, Feb 13, 1973
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(Studio) Nixon devalues dollar. Reaction favorable. Econ. William Wolden says devaluation economy parallel of Peking trip. National Planning Association chief econ. Wilfred Lewis feels devaluation will have little impact on economy Feels recession coming.
REPORTER: Walter Cronkite

(DC) Meeting with Treasury Secretary Shultz and adviser Ehrlichman, Nixon says next step is massive new trade legislature [Representative Henry REUSS - approves devaluation. Says imported products will now cost more.] [Senator William PROXMIRE - says more effective anti-inflation measures must be enacted. Spending must be kept down.] [International Monetary Fund managing director Pierre-Paul SCHWEITZER - says feels no more devaluation will be necessary. Dollar may even get too strong.]
REPORTER: George Herman

(Studio) Devaluation will affect American consumer to some extent.
REPORTER: Walter Cronkite

(NYC) For. goods will cost about 10% more in US. Examples given. [Perrera Fifth Avenue Incorporated spokesperson John FLYNN - says people exchanging money for trips before leaving US.]
REPORTER: Gary Shepard

Reporter(s):
Cronkite, Walter;
Herman, George;
Shepard, Gary
Duration:
00:04:50

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