After two years at the finances workplace, Mr. Shultz grew to become Treasury secretary in June 1972. The earlier yr, Nixon unilaterally made the greenback inconvertible to gold. That compelled the remainder of the world to maneuver from a system of mounted charges of alternate for nationwide currencies to a versatile system. Exchange charges ceased to be the best way through which governments made financial coverage. Mr. Shultz traveled the world attempting to ensure the greenback remained almighty.
He stop the Nixon administration in May 1974, three months earlier than the president resigned in shame, the final of Nixon’s authentic cupboard members to depart. Before his loss of life, he was the oldest iving member of Nixon’s inside circle and, together with former Secretary of State Henry A. Kissinger, among the many final.
After 25 years in academia and authorities, Mr. Shultz joined the Bechtel Corporation (now Bechtel Group), one of many world’s largest engineering and building corporations, serving as its president from 1974 to 1982. He was paid almost $600,000 a yr (about $2 million in at present’s cash) to run its world and home operations, which included the Trans-Alaska Pipeline, the Washington Metro subway, King Khalid International Airport in Riyadh, Saudi Arabia, and a lot of the infrastructure of the Saudi authorities.
Throughout his years in energy in Washington, Mr. Shultz tried to maintain one secret out of print: that he had a tiger tattoo on his posterior, a legacy of his undergraduate days at Princeton University. When queried in regards to the tattoo, Phyllis Oakley, a State Department spokeswoman at the time, replied, “I am not in a position to comment.”
Princeton, Then the Pacific
George Pratt Shultz was born in Manhattan on Dec. 13, 1920, the one baby of the previous Margaret Lennox Pratt and Birl E. Shultz, an official with the New York Stock Exchange. He grew up in Englewood, N.J., and entered Princeton within the fall of 1938.
In his senior yr in 1941, he was majoring in economics when Japan attacked Pearl Harbor on Dec. 7. He joined the Marines after commencement and noticed fight within the Pacific. He joined the school at the Massachusetts Institute of Technology after incomes his doctorate in industrial relations there in 1949. His area was labor economics.
In 1955, he took a yr’s depart to function a senior workers member of President Dwight D. Eisenhower’s Council of Economic Advisers, beneath its chairman, Arthur F. Burns, who later led the Federal Reserve Board.