Page:Ford, Kissinger, Former British Prime Minister Edward Heath - September 10, 1974(Gerald Ford Library)(1552779).pdf/7

 Including me. I thought that getting 23 intellectuals together would be a disaster.

I thought this was a way for us to force the Congress (which proposed the idea) and the economists to share the responsibility.

I didn't realize it was the Senate's idea.

I thought I should bring them in. We have to get any public support. I don't know how it will stick when we make proposals, but it is okay now.

You are holding the line on the budget.

Yes, I will have to do some vetoing, but if I can keep it under $300 billion it would have a good psychological impact.

To keep it low in inflation times would be remarkable. That would let Burns ease up?

Yes. He took some action last week and the market had one good day.

My brokers said they decided an easement wasn't really coming and that is why the response failed.

The problem is the lag in reaction time. It takes the wisdom of Solomon to see what's happening.

They always know afterwards.

Burns is independent. How do you do it?

We have no Burns. But the Governor of the Bank of England has an impact on money supply.

Does the Government control him?

In the last resort he could be directed, but it never has been done and the Governor probably would resign.

Any direct effort to influence Burns would be strongly opposed.