Circa 1961, or, the more things change…

At the August FOMC meeting, Young reported on a lengthy discussion at OECD of West Germany's persistent surplus.  The economic solution required either German inflation, additional revaluation of the mark, or deflation elsewhere.  The German delegation rejected inflation and revaluation…

That is from Allan Meltzer's History of the Federal Reserve, volume 2, book 1, 1951-1969.