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Conversation: 273-007

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Start Date: Thursday, August 12, 1971 7:11 PM

End Date: Thursday, August 12, 1971 8:20 PM

Participants:

Nixon, Richard M. (President)Shultz, George P.Sanchez, ManoloHaldeman, H. R. ("Bob")Ziegler, Ronald L.

Recording Device: Old Executive Office Building

Full Tape Conversation Start Time: 00:38:15

Full Tape Conversation End Time: 01:42:12

273a.mp3

273b.mp3

273c.mp3

NARA Description:

On August 12, 1971, President Richard M. Nixon, George P. Shultz, Manolo Sanchez, H. R. ("Bob") Haldeman, and Ronald L. Ziegler met in the President's office in the Old Executive Office Building from 3:11 pm to 4:20 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 273-007 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 273-7

Date: August 12, 1971
Time: 3:11 pm - 4:20 pm
Location: Executive Office Building

The President met with George P. Shultz.

     Shultz's conversation with Paul A. Volcker

Manolo Sanchez entered at an unknown time after 3:11 pm.

     Request for H. R. (“Bob”) Haldeman to join them

Sanchez left at an unknown time before 4:00 pm.

     International economy
           -Convertibility of the dollar
                -Daily volume
                      -Figure
                      -Switzerland
                      -Figures
                                             7

                         NIXON PRESIDENTIAL MATERIALS STAFF

                                    Tape Subject Log
                                      (rev. 10/06)
                                                                  Conv. No. 273-7 (cont.)


                           -Foreign currencies
                                 -Swiss Franc
               -Paul W. McCracken
               -Speculation
               -Dollar outflow
               -Outlook
               -Timing of decision
               -Arthur F. Burns
               -Daily volume
                     -Flexibility
                     -Negotiating position
                     -McCracken
               -Volcker's view
               -McCracken's call to Shultz, August 12, 1971
          -Textiles
               -General Agreement on Tariffs and Trade [GATT]
               -John N. Mitchell
                     -National security option
                           -GATT
                           -Shultz's conversation with Mitchell
                           -Congress
                     -Timing
                           -Tariff or quota
          -Imports
               -Possible surcharge
          -Camp David
          -Timing of President's economic program
               -Import tax
          -John B. Connally's possible statement
               -Treasury Department
               -Volcker
               -Wording
                     -International speculation
                     -Temporary action
                     -Closing gold window
          -Timing of President's economic program
          -Possible devaluation of dollar
               -Reaction

Haldeman entered at an unknown time after 3:11 pm.
                                        8

                    NIXON PRESIDENTIAL MATERIALS STAFF

                               Tape Subject Log
                                 (rev. 10/06)
                                                                Conv. No. 273-7 (cont.)


Japan
     -Forthcoming textile and International Monetary Fund [IMF] meetings
     -Convertibility of dollar to gold
          -Separation from domestic programs
                -Import tax
     -Textiles
          -Possible action by administration
                -GATT
     -Devaluation
          -Impact on balance of payments problem
                -Prices
                      -Japanese automobile imports
     -Textiles
     -Timing of President’s economic program
     -Convertibility of dollar to gold
          -Timing of possible action
                -Congress
                -Connally's view
                      -Inflation
                            -Counter measures
                -Inflation
                -Wage and price freeze
                      -Exchange rate
                -Possible wage and price freeze
                -Tax package
                      -Import
                      -Excise
                      -Investment credit
                -Wage and price freeze
                      -Devaluation
                -Tax package
                      -Congress
                -Gold window
                -Import tax
                -Wage and price freeze
                -Tax package
                -Balance of payments
                -Expansionary economy
                -Budget
                      -Import tax
                                         9

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                                  Conv. No. 273-7 (cont.)


Space program
     -Future
          -Budget cuts

President's economic program
     -Burns
     -McCracken
     -Burns
            -President's forthcoming meeting with Connally and Shultz
     -Connally's possible statement concerning convertibility
            -President’s view
                  -Televised statement
            -Volcker
            -Convertibility of dollar to gold
                  -Duration
            -Speculation
            -Monetary system
            -Exports
            -Burns
     -Timing
            -Wage and price freeze
                  -Inflation
            -Imports
                  -Textiles
                        -GATT
     -Balance of payments
            -Possible devaluation
            -Import tax
            -Devaluation
                  -Trade
                        -Surplus
                              -Foreign aid and military aid
                              -Reaction by other countries
                                   -Japan
                                          -Revaluation of yen
                                               -Impact on dollar
                                   -Germany
                                          -Deutschemark
     -Convertibility of dollar to gold
            -Possible announcement
                  -Manner
                                              10

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                     Conv. No. 273-7 (cont.)


                            -Low-key
                      -Inflation
                            -Wage and price control
                      -Budget
          -Possible news stories
                -Hobart Rowen
                -Milton Friedman
          -Burns
                -Possible conversation with Shultz
          -President’s schedule
                -Connally
                -Council of Economic Advisors [CEA]
          -Decision-making
                -Shultz, Connally, Burns, and the President
                -McCracken and Peter G. Peterson
          -Volcker's views
          -President's schedule
                -Connally
                -Shultz’s forthcoming talk with Volcker
                -President’s view
                      -Domestic economy
                            -Relationship to international economy
                            -Inflation
                            -Expansion
                -President’s schedule
                      -Burns
                      -Connally
          -Volcker's views
          -Wage-price freeze

Ziegler entered at an unknown time after 3:11 pm.

     Shultz's schedule
          -Burns

Ziegler left at an unknown time before 4:00 pm.

          -Burns’ views
          -Timing of decision
               -President's schedule
                     -Burns, Connally, Shultz, McCracken
                                              11

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                    Conv. No. 273-7 (cont.)


                            -Herbert Stein
                            -Peterson
           -Shultz's forthcoming meeting with Burns

Ziegler entered and Shultz left at 4:00 pm.

     George C. Wallace
         -School desegregation case
               -Ziegler's conversations with Mitchell and John D. Ehrlichman
               -Forthcoming hearing in US District Court of Northern Alabama
               -Ziegler's forthcoming press briefing
                    -Administration’s position
                           -Possible statements
                                 -Judicial status
                                       -Constitution
                                       -Jefferson County
                                 -President’s previous statement
               -Wallace
                    -Quoted
               -Ziegler's forthcoming press briefing
                    -President’s previous statement
                    -Police powers
                    -Mitchell’s and Ehrlichman’s recommendation

Ziegler left at 4:12 pm.

                 -Busing
                      -Impact on individual student

     President’s economic program
          -Shultz
          -Burns
          -Volcker
          -McCracken
          -Connally
                -Lt. William L. Calley, Jr.

     Wallace
          -Actions in desegregation case

     Busing
                                              12

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                 Conv. No. 273-7 (cont.)


           -Supreme Court decision
           -Administration position
           -Democrats
           -Individual case

     President's economic program
          -Volcker
          -Connally's knowledge
          -Burns’ views
                 -Raising gold price
                      -Congress
          -Connally

Haldeman left at 4:20 pm.