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President Reagan appears pleased with his driving ability as he steers a golf cart at the Western leaders summit meeting at Ottawa, Canada. Could the expression on the face of West Chancellor Helmut Schmidt indicate that he was non-plussed when Reagan took the Wheel-Schmidt doesn't like being steered by anyone particularly by a leading political personality. In a private meeting with Reagan, as well as in group conversations, Schmidt attacked the high U. S. interest levels. He insisted that American interest rates had forced Western European countries to raise their own, resulting in declining business investments, rising unemployment, and soaring oil prices. Reagan argued that these rates were inherited but his tax and budget cuts were the “right medicine” and predicted that interest rates would lower as inflation declined. July 19, 1981. |
