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Three days after de Gaulle's February 1965 press conference demanded that international payments rest once more on gold, Fred Hirsch put the objections to Jacques Rueff, and this Princeton interview records the exchange. Rueff denies being the General's scriptwriter but presses his long-standing argument that the gold-exchange standard is structurally absurd: dollars paid to creditor central banks flow straight back to New York, so the United States never feels its deficit and no corrective discipline bites. He defends a one-time rise in the gold price—modeled on Roosevelt's 1934 revaluation—not as an end but as the means to liquidate accumulated dollar balances without deflation, while Hirsch challenges him on arbitrariness, gold supply, international credit institutions, the CRU proposal, and British policy.
And the main consequence is that there is no reason whatever for the deficit to disappear, because it does not appear.