Bilderberg Meetings Conference Report 1979
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L I S T O F P A R T I CI P A N T S
C H A I R M A N :
L O R D H O M E O F TH E HIRSEL, K . T .
H O N O R A R Y S E C R E T A R Y G E N E R A L F O R E U R O P E :
ERNST H . VA N DE R BEUGEL
H O N O R A R Y S E C R E T A R Y G E N E R A L F O R T H E U N I T E D S T AT E S :
WILLIAM P . B U N D Y
AGNELLI , G I O VA N N I
ANDROSCH, HANNES
APFALTER, HERIBERT
AV O N , T H E EARL OF
BALL, GEORGE w.BARATTIERI, VITTORIO
BENNETT, S IR FREDERIC
BERTRAM, CHRISTOPH
BEULLAC, CHRISTIAN
BEYAZIT, SELAHATTIN
BREUEL, BIRGIT
BROESIGKE, TASSILO
B R O W N , L. DEAN
CARRAS, COSTA
CH A FEE, JOHN H .
CHRISTOPHERSEN, HENNING
CITTADINI CESI , IL MARCHESE
CONSTANCIO, VITOR M. R .
DALLINGER, ALFRED
DUISENBERG, WILLEM F .
ELIOT, THEODORE L., JR
ESAMBERT, BERNARD
F I N N E Y, PAUL B .
FISCHER, H E I N Z
FOLTZ, WILLIAM J .
FREDERICKS, WAY N E J .
GERBER, FRITZ
G E T Z W O L D , K N U T
HALBERSTADT, VICTOR
HARTMAN, A RT H U R A .
HAUSSMANN, HELMUT
H E I N Z , H E N RY J ., I I
HERRHAUSEN, ALFRED
IGLER, H A N S
ITALY
AUSTRIA
AUSTRIA
U N I T E D KINGDOM
U . S . A .
ITALY
U N I T E D KINGDOM
INTERNATIONAL
FRANCE
TURKEY
F E D . R E P. OF GERMANY
AUSTRIA
U . S . A .
GREECE
U . S . A .
DENMARK
ITALY
PORTUGAL
AUSTRIA
NETHERLANDS
U . S . A .
FRANCE
U . S . A .
AUSTRIA
U . S . A .
U . S . A .
SWITZERLAND
NORWAY
NETHERLANDS
U . S . A .
F E D . R E P. OF GERMANY
U . S . A .
F E D . R E P. OF GERMANY
AUSTRIA
5
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JANSSEN ' DANIEL E .
JORDAN VERNON E . , JR .
K I N D , CHRISTIAN
KOHNSTAMM, MAX
KREISKY, BRUNO
LAMBE RT, BARON
LANC, ERWIN
LEIBENFRO S T, FRANZ J.
LENNEP, JHR. EMILE VA N
LEVY, WALTER J.
LEWIS , BERNARD
LEWIS , F LORA
L U N D VA L L , D . BJORN H .
LUNS, JOSEPH M . A . H .
MACDONALD, DONAL D S .
MACMILLAN, MAURICE
M c G I F F E RT, DAVID E .
MO NOD , M . IE.ROME
MONTBRIAL, THIERRY DE
NELIS S EN, ROELOF J. .
N E U F E L D , EDWARD P .
N E W S O M , DAVID D .
Nli!RLUND, NIELS
PAHR, WILLIBALD
PITTI -FE R R ANDI , ROBERT
PORTISCH, H U G O
PRINZHORN, THOMASRASTOUL , JACQUES
ROCKE F ELLER, D AV I D
ROH WEDDE R , DETLEV
ROLL OF IPSDEN, LOR D
ROM ERO-M AURA, JOAQUIN
ROOSA, ROBERT V .
SAVORY, ROGER M .
SEILL!E R E, ERNEST A .
SHACKLE TON, LORD
SHE INKMAN, JACOB
SILVESTRI, STEFAN O
SIMONET, HENRI F .
SOMMER, THEO
STEEL, S IR DA YI D
STEEN, REIULF
STEINER, LUDWIG
TA U S , JOSEF
TAYLO R, ARTHUR R .
THORN, GASTON
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BELGIUM
U . S . A .
SWITZERLAND
INTERNATIONAL
AUSTRIA
BELGIUM
AUSTRIA
AUSTRIA
INTERNATIONAL
U . S . A .
UNITED KINGDOM
U . S . A .
SWE D EN
INTERNATIONAL
CANADA
UN ITE D KINGDOM
U . S . A .
FRANCE
FRANCE
NETHERLANDS
CANADA
U . S . A .
DENMARK
AUSTRIA
FRANCE
AUSTRIA
AUSTRIACANADA
U . S . A .
FED. REP. OF GERMANY
U NI TED K IN G DOM
SPAIN
U . S . A .
CANADA
FRANCE
UNITED KINGDOM
U . S . A .
ITALY
BELGIUM
FED. REP. OF GERMANY
UNIT ED KINGDOM
N O RWAY
AUSTRIA
AUSTRIA
U . S . A .
LUXEMBOURG
TIDEMAND, OTTO G .
TREICHL, HEINRICH
TU FARELL!, NICOLA
ULLSTEN, OL A
UMBRICHT, VICTOR H .
VRANITZKY, FRANZ
WALLENBERG, MARCUS
WILLIAMS, FRANKLIN H .
WILLIAMS, JoSEPH H .
WOHLIN, LARS
W O L F F VON AMERONGEN, O T T O
YPERSELE DE STRIHOU, JACQUES
O B S E R V E R S :
SCHOSER, FRANZ
SCHWARZENBERG, ERBPRINZ KARL
ZIMMER-LEHMANN, GEORGE
IN AT T E N D A N C E :
COROT, HERBERT
GETCHELL, CHARLES
H EINE -GELDERN, THOMAS
VAN
NORWAY
AUSTRIA
ITALY
SWEDEN
SWITZERLAND
AUSTRIA
S W E D E N
U . S . A .
U . S . A .
SWEDEN
F E D . REP. OF GERMANY
BELGIUM
F E D . REP. OF GERMANYAUSTRIA
AUSTRIA
AUSTRIA
U . S . A .
AUSTRIA
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INTRODUCTION
The twenty-seventh Bilderberg Meeting wa s held at th e Clubhotel SchlossWeikersdorf, Baden, Austria, on 27, 28 an d 29 April' 1979 under thechairmanship of Lord Home of th e Hirsel, K.T.
There were 95 part1c1pants, drawn from a variety of fields: government andpolitics, diplomacy, industry, trade unions, shipping, banking, journalism, thelaw, education, and institutes specialized in international affairs. They camefrom 16 Western European countries, the United States, Canada and variousinternational organizations.
In accordance with th e rule adopted at each Meeting, all participants spokein a purely personal capacity, without in any way committing the governmentor organization to which they belonged. To enable participants to speakfrankly, the discussions were confidential with no reporters being admitted.
Th e agenda was as follows:
I. The present international monetary situation an d its consequences forworld economic cooperation;
II. Th e implications of instability in the Middle East and Africa for th eWestern world.
In addition to the above formal agenda, a half day's discussion was devotedto current worldwide problems.
In opening th e meeting, the Chairman, Lord Home, read the text of atelegram of good wishes which he had sent to the President of the FederalRepublic of Austria on behalf of all the Bilderberg participants.
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I. THE PRESENT INTERNATIONAL MONETARY SITUATIONAND ITS CONSEQUENCES FOR WORLD ECONOMIC COOPERATION
Two working papers, one by a British participant, the other by an American,provided th e basis for discussion of this topic. Texts of the two papers, as wellas introductory remarks by their authors, follow.
British Working Paper:
"A VIEW FROM LONDON"
This is no t the first time that we have discussed monetary problems at ourmeetings. Only last year, at Princeton, according to the Report of the meeting:
a British participant said that, while the alliance might be fairlystrong militarily and politically, a look at ou r financial situation
would lead the proverbial Martian todoubt the
existenceof
anyalliance at all. The single most lamentable demonstration of ourfailure to cooperate had been in ou r uncoordinated response to theoil price increase. The speaker did not favor confrontation, bu t somekind of unified reaction had been essential. One measure of ourmonetary chaos had been the ten-fold expansion of the Eurocurrency market over the last eight years, from $60 billion to anestimated $660 billion. (This "international short loan fund", as ithad been called, had stood at only $1 billion in 1930!) The resolutionof this monetary disorder was the single most important problemfacing th e alliance in the speaker's opinion. He was backed byBelgian and Swiss interventions, which r e f e r r ~ dto the unstabilizingeffect on trade and investment of monetary instability.
Important developments have taken place in the twelve months that havepassed, notably the November policy declarations by the U.S. administration(and at least some measures which followed) and the inauguration of theEuropean Monetary System a month or so ago. But one would, in my view,have to be excessively optimistic to believe that the situation had fundamentally improved. Indeed, as I shall argue, in some respects there are a number ofunfavorable tendencies to be set against the more reassuring developmentswhich we have witnessed in the last few months.
I t is increasingly being said nowadays, particularly in the intimatefreemasonry of central banks, that there has been a considerable amount of"convergence" on the international economic and monetary scene, particular! yamong the advanced industrialized countries. I agree that there has been somedegree of convergence of views and that th e sad experiences through which we
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