Kolko's Anatomy of a War remains the best single volume account of the political history of the Vietnam War. Military actions are included only to the extent that they play a part in the realpolitiks unfolding.
An excerpt of interest to 'tulipers:
Tetʼs Impact on Washington
Only during crisis does the real locus of power and interest expose the decisive
constraints on political decision makers.
The presidency itself is brought to heel before what may roughly be designated as the
larger interests of the American system and of those who have the capacity to define it.
Men whose ideas has earlier led the nation in different directions … now cease to prove
influential.
The war itself dramatically exacerbated older economic difficulties, but there were yet
other dilemmas confronting the administration. These ranged from such intractable
problems as the mounting racial tension in American cities and the warʼs debilitating
impact on US military power to the decline of strategic manpower reserves for other
world or even domestic crisis.
Yet it was the gold and dollar crisis that created the most sustained and irresistible
pressures on Washington.
McNamaraʼs parting advice to the President was not allow another troop escalation in
Vietnam to ruin the dollar abroad and the economy at home.
The gold and dollar crisis colored all of Washingtonʼs thoughts on responses to the
precarious military situation in SV. At the end of February Sen. Jacob Javits of NY called
for an end to the gold pool, triggering a panic, and $118 million was withdrawn from the
pool in two days. For two weeks, as the US reached an impasse in the war in Vietnam,
the highly complex and technical dollar-gold problem traumatized Washington and the
Western capitals, consuming vast amount of time of the President and his advisers.
ʻThe specter of 1929 haunted him daily,ʼ Doris Kearns reports of her intimate later
interviews with him;ʼhe worried that if the economy collapsed, history would subject
Lyndon Johnson to endless abuse.ʼ
On March 4, Treasury Secretary Fowler warned the President that the gold rush and the
flight from the dollar were serious and could worsen rapidly, with a gold embargo
leading to ʻexchange rate wars and trading blocs with harmful political as well as
economic effects.ʼ
While Europeʼs gold-pool members agreed in early March to sustain the dollar,on March
11 banks rushed the pool, which lost nearly a billion dollars in gold before it suspended
operations four days later.
on March 14 … several European nations began to redeem dollars for US Treasury gold
to recoup the bullion they had lost in support of the dollar. That afternoon, having lost
$372 million that day, and fearing a loss of a billion dollars the following day, the
Treasury arranged immediately to close the gold market.
At first the White House wanted its allies to accept unlimited amounts of dollars without
gold backing, but Fowler and Martin opposed this as both unrealistic and a license to
continue fiscal irresponsibility. Instead, European central bankers were called to
Washington for an emergency meeting on March 16.
Abolishing the pool altogether, Europeʼs bankers refused to use their gold to save the
dollar.
They offered restraint only if the administration acted more responsibly in managing its
economy.
After Tet the administration finally acknowledged that any increase of troops in Vietnam
threatened not just the country's economy but all of its domestic and international
priorities.
With America stretched thin globally and with a crisis brewing in Korea, the Joint Chiefs
of Staff immediately revived its earlier request for a call-up of reserves ….
In a virtuoso performance (chairman of the JCS General Wheeler) flew to Saigon and
after 4 days was back … with a demand, allegedly from Westmoreland himself, for
206,000 men. (pp.312-315)
On March 31 President Johnson announced he would not run for a second term of office.
An excerpt of interest to 'tulipers:
Tetʼs Impact on Washington
Only during crisis does the real locus of power and interest expose the decisive
constraints on political decision makers.
The presidency itself is brought to heel before what may roughly be designated as the
larger interests of the American system and of those who have the capacity to define it.
Men whose ideas has earlier led the nation in different directions … now cease to prove
influential.
The war itself dramatically exacerbated older economic difficulties, but there were yet
other dilemmas confronting the administration. These ranged from such intractable
problems as the mounting racial tension in American cities and the warʼs debilitating
impact on US military power to the decline of strategic manpower reserves for other
world or even domestic crisis.
Yet it was the gold and dollar crisis that created the most sustained and irresistible
pressures on Washington.
McNamaraʼs parting advice to the President was not allow another troop escalation in
Vietnam to ruin the dollar abroad and the economy at home.
The gold and dollar crisis colored all of Washingtonʼs thoughts on responses to the
precarious military situation in SV. At the end of February Sen. Jacob Javits of NY called
for an end to the gold pool, triggering a panic, and $118 million was withdrawn from the
pool in two days. For two weeks, as the US reached an impasse in the war in Vietnam,
the highly complex and technical dollar-gold problem traumatized Washington and the
Western capitals, consuming vast amount of time of the President and his advisers.
ʻThe specter of 1929 haunted him daily,ʼ Doris Kearns reports of her intimate later
interviews with him;ʼhe worried that if the economy collapsed, history would subject
Lyndon Johnson to endless abuse.ʼ
On March 4, Treasury Secretary Fowler warned the President that the gold rush and the
flight from the dollar were serious and could worsen rapidly, with a gold embargo
leading to ʻexchange rate wars and trading blocs with harmful political as well as
economic effects.ʼ
While Europeʼs gold-pool members agreed in early March to sustain the dollar,on March
11 banks rushed the pool, which lost nearly a billion dollars in gold before it suspended
operations four days later.
on March 14 … several European nations began to redeem dollars for US Treasury gold
to recoup the bullion they had lost in support of the dollar. That afternoon, having lost
$372 million that day, and fearing a loss of a billion dollars the following day, the
Treasury arranged immediately to close the gold market.
At first the White House wanted its allies to accept unlimited amounts of dollars without
gold backing, but Fowler and Martin opposed this as both unrealistic and a license to
continue fiscal irresponsibility. Instead, European central bankers were called to
Washington for an emergency meeting on March 16.
Abolishing the pool altogether, Europeʼs bankers refused to use their gold to save the
dollar.
They offered restraint only if the administration acted more responsibly in managing its
economy.
After Tet the administration finally acknowledged that any increase of troops in Vietnam
threatened not just the country's economy but all of its domestic and international
priorities.
With America stretched thin globally and with a crisis brewing in Korea, the Joint Chiefs
of Staff immediately revived its earlier request for a call-up of reserves ….
In a virtuoso performance (chairman of the JCS General Wheeler) flew to Saigon and
after 4 days was back … with a demand, allegedly from Westmoreland himself, for
206,000 men. (pp.312-315)
On March 31 President Johnson announced he would not run for a second term of office.
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