Friday, April 27 - The Commonwealth Official Journal of The Commonwealth of California

Sep 29, 2026

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Official journal pages from The Commonwealth Club of California, featuring event notices and public-affairs commentary. The content includes a featured question-like headline on peace, speaker and ticket information for club programs, and a substantial address excerpt explaining the “dollar crisis” paradox. It discusses excess dollars held by international monetary authorities, global currency risk, trade and payments deficits, and the end of the Bretton Woods system in 1971.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages9

Reading Time23 min

AccessFree to download

Friday, April 27

Event and ticket information

Featured headline and speakers

Address excerpt on the “dollar crisis”

Excess dollars and global currency stability

Bretton Woods system and 1971 end

Friday,April 27th:The Honorable MARCH K.FONG,Assemblywoman,15th District"An Urban View of Agriculture:PESTICIDES AND PRICES" TheCommonwealth OFFICIAL JOURNALTHE COMMONWEALTN CLU3OF CALIFORNLASAN FRANCISC0,CA 94105 APRIL 16,1973·VOL LXYI1·NQ.16 RIDAY,APRIL 20TH,12 MOONN G0LD BALLROOM,SHERATON-PALACE HOTE the Far East since 1947.In his eighth appearance before the Club,Mr.Gros will reporton a just-completed tour of the Philippines,Hong Kong,Taiwan,Vietnam,Laos andJapan (including Okinawa),where he interviewed cabinet officers,ministers,military andbusiness leaders.In Laos and Vietnam he found at best a tenuous peace.Much of therest of Asia is in a state of ferment."We negotiated only an American exit from thewar in Southeast Asia,"he reports,"but far froma stable peace." Tickets $4.75 at door WEDNESDAY,APRIL 25TH The HonorableELLIOT L.RICHARDSON Secretary of Defense TICKETS $5.75oach.Tickets will be mailed if check and seHf-addressed,słamped onvelope are re-ceivod at the Club Ofiee no later than Wednesday,April 18th.Unpaid reservafions eannot beheld affer 5p.m.Monday.April 23rd;and no refunds will be made after that date.Members areurgod to obtain their tickeis prior to meeing dato.Sale of tickełs at the door eannot begueranteed. ROBERT R.GROS Vice President,Public Relations,Pacific Gas &Electric Company # "HOW PEACEFUL IS THEPEACE?” AA distinguished foreign correspondent and dynamicspspeaker,Robert Gros has been visiting and reporting on # GRAND BALLRO0M,SHERATOW-PALACE HOTE SPECIAL TICKET LUNCHEON RENEE RUBIN,Quarterly Chairman EVERYTHINGGOING -EXCEPTCONFIDENCE FRIDAY FLASHES—APRIL 6THFrom Address by DR.WALTER E.HOADLEYExeeulive Vice President,Bank of America,NT&SA "TO MOST AMERICANS the so-called'dollar crisis'seems a grand paradox oreven a hoax.Americans usually have onlyone problem with the dollar—a personalshortage.So,it seems mighty strange tothem that foreigners could have the oppo-site problem—a surplus of dollars. accept. accept. DollarSwish' DollarSwish' Yet,that is actually the case.The dollarexcess is,of course,only among the inter-national monetary authorities and finan-cial professionals who use dollars regu-larly for major investment and other busi-ness purposes.They have no intention orpossibility of disposing of all their dollars. Nonetheless,they are always anxious toreduce risk of more possible loss as longas they fear the dollar could weaken fur-ther.They prefer any other currency orfinancial haven which promises to bestronger. $100 Billion for Foreign Goods The build-up of excess dollars abroadis directly related to the chronic adversebalance of payments of the United States.During the past 20 years,nearly $100 bil-lion more has been paid out by our coun-try for foreign goods,services and investments than has been brought in or earnedby our own efforts in international tradeand finance. Much of this resultant ‘overhang'ofdollars has been readily absorbed in finan- cing a substantial increase in world com- | OPFICERS OF THE CLUB
The Commonwealth
Bruce T.Mitchell__------ President
Vernon L.Goodin _Vice_President
Donald P.Krotz-----Chmn.Ex.Comm.
Published every Monday by the
James W.Halley--------------Secretary
E.Keith Larson_ -_
Commonwealth Club of California
-----Treasurer
Durward S.Riggs Executive Secretary
681 Market Street
Michael J.Brassington
San Francisco,California 94105
- -Assoc.Exec.Sec'y
(415)362-4903
Stuart R.Ward Exec.Secretary Emeritus
GOVERNORS OF THE CLUB
Editor:Durward S.Riggs
John B.Bates,John Busterud,Bradford
Managing Editor:MichaelJ.Brassington
M.Crittenden,Richard C.Dinkelsplel,
Justice Murray Draper,Dr.Edmund Pat-
Assistant Editor:Jerome L.Dubins
rick Gaynor,Elmer G.Johnson,Donald
Entered as second class mail matter at the San
P.Krotz,Harley D.Oakley,Dr.Ed

FAQs

What is the document’s main focus around the “peace” headline?

It centers on club programming and public affairs, highlighted by a prominent question-style headline about peace, alongside related speaker/event material and commentary.

How does the address explain the “dollar crisis” paradox?

It argues that while Americans see only personal shortages, foreigners face dollar surplus conditions among international authorities and finance professionals, shaping risk and currency preferences.

What role does the Bretton Woods system and 1971 play in the discussion?

The excerpt states that the Bretton Woods system served for over a quarter century before ending on August 15, 1971, tying the change to later balance-of-payments dynamics and currency instability risks.

Sep 29, 2026

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