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Conversation: 303-009

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Start Date: Tuesday, October 26, 1971 6:49 PM

End Date: Tuesday, October 26, 1971 9:55 PM

Participants:

Nixon, Richard M. (President)Connally, John B.Sanchez, ManoloHaldeman, H. R. ("Bob")Shultz, George P.

Recording Device: Old Executive Office Building

Full Tape Conversation Start Time: 00:13:35

Full Tape Conversation End Time: 03:07:18

303a.mp3

303b.mp3

NARA Description:

On October 26, 1971, President Richard M. Nixon, John B. Connally, Manolo Sanchez, H. R. ("Bob") Haldeman, and George P. Shultz met in the President's office in the Old Executive Office Building from 2:49 pm to 5:55 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 303-009 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 303-9

Date: October 26, 1971
Time: 2:49 pm - 5:55 pm
Location: Executive Office Building

The President met with John B. Connally.


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BEGIN WITHDRAWN ITEM NO. 1
[Personal Returnable]
[Duration: 1m 31s ]


END WITHDRAWN ITEM NO. 1

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     Connally's trip
         -Date of departure, October 28, 1971

     Meeting October 27, 1971 on military budget
          -Henry A. Kissinger's schedule
          -Union of Soviet Socialist Republics [USSR]
               -Domestic concern
               -Goal of US-USSR Arms Limitation Agreement

     Soviet military concerns
          -Arms Limitation Agreement
                -The President’s assessment
                -Congressional authorization for American arms
          -Uses of Soviet weapons
                -American responses
                                         6

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                           Conv. No. 303-9 (cont.)


                -Air Force
                -Navy
                -Army
                -Vietnam
                      -Domestic political considerations

Meeting October 27, 1971 on military budget
     -Connally's role
          -Other participants
                -George P. Shultz
                -Caspar W. Weinberger
                -John D. Ehrlichman
                -Kissinger
                      -Alexander M. Haig, Jr.
                      -National Security Council [NSC]
                -Melvin R. Laird
     -Purpose

US foreign relations
     -Arms control negotiations
          -Effect of budget
     -United Nations [UN] vote on Taiwan expulsion
          -African nations
                 -Connally’s view
                 -UN general assembly
          -William P. Rogers
          -US contacts
                 -Mexican President
                 -Moroccan King
                 -Italian Prime Minister
                 -Head of Argentina
          -African nations
          -International monetary organizations
          -Rogers
          -Possible administration response
                 -Connally’s view
                 -Taiwan
                        -UN
                                              7

                         NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                              Conv. No. 303-9 (cont.)


                                  -Malta
                                  -Surinam
                                  -Togo


**************************************************************************

BEGIN WITHDRAWN ITEM NO. 3
[National Security]
[Duration: 13s ]


    PRC AND TAIWAN


END WITHDRAWN ITEM NO. 3

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               -Portugal
               -Greece
               -South Africa
               -Reaction by American people
               -People’s Republic of China [PRC]
               -Timing
                    -Vote
                    -Italians
                    -Canadians
               -US strategy
                    -Rogers
                           -Meetings with foreign officials
                           -Multilateral financial agencies
                                -PRC
                                -France
                                -US funding
         -UN
              -Budget
         -US policies
              -Multilateral aid
              -Expropriations
                                     8

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                              (rev. 10/06)
                                                               Conv. No. 303-9 (cont.)


             -Wallace F. Bennett's conversation with the President
                  -Russell B. Long
-The President's forthcoming trip to the USSR
      -PRC
      -Japan
-Relations with foreign nations
      -Chile
      -African nations
      -International economics
             -Monetary situation
      -Domestic considerations
             -Regard of multilateral groups
-Connally's coming trip
      -Japan
             -PRC
             -Textile negotiations
-North Atlantic Treaty Organization [NATO] nations
      -Italy
             -Abstention
      -Germany
-Mexico
      -Luis Echeverria Alverez
-Latin Americans
      -Argentines
      -Brazilians
      -Chile
-Canadians
-Connally's coming trip
      -Perception of US policy
-The President's trip o Moscow
      -Purpose
             -Europeans
             -Economic matters
-Canada
-Mexico
-South America
-USSR
-PRC
-Europeans
      -World wars
      -Relations with PRC
                                    9

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                              (rev. 10/06)
                                                              Conv. No. 303-9 (cont.)


           -Italians
           -British
           -French
           -Belgium
     -European community
           -Trade with Eastern Bloc
-Domestic concerns
     -Shultz
     -Arthur F. Burns
     -Hobart Rowen
           -Connally
                  -Protectionism
                        -Adolf Hitler
-Connally's trip
     -Japan
-Possible policies
     -Western hemisphere
           -Canada
           -Mexico
           -South America
                  -Brazil
                  -Argentina
                  -Colombia
     -Australia
     -Japan
     -Indonesia
     -Japanese
           -PRC
           -USSR
           -Europe
           -Supersonic Transport [SST]
     -Jews
           -US, USSR, Israel
           -American-Soviet relations
     -Europe's role in economic and monetary affairs
           -Paul A. Volcker
                  -Group of Six, Group of Ten
                        -Japan, Canada, US
                        -Netherlands, Belgium, Great Britain, France, Germany, Italy
                        -Australia, Brazil, Indonesia
     -Administration powers
                                          10

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                    Tape Subject Log
                                      (rev. 10/06)
                                                            Conv. No. 303-9 (cont.)


                 -Congress
           -State Department
           -Multilateral institutions
                 -Rogers
                 -Connally
                       -Peter G. Peterson
                 -Robert S. McNamara
                 -Pierre-Paul Schweitzer
                       -International Monetary Fund [IMF]
                 -InterAmerican Development Bank
                 -Treasury Department
                 -International Development Agency [IDA]
                 -African Development Bank
                 -Asian Development Bank
                 -Connally’s view
                       -Bilateral negotiations
                 -Foreign aid
                       -Otto E. Passman
                       -State Department
                             -Rogers
           -UN vote on Taiwan expulsion
                 -Effect on the President's prestige
                 -Rogers
                 -George H. W. Bush
                 -Mood of America

The President's domestic position
     -Mistrust of government
     -Wilbur D. Mills
          -Congress
     -Welfare
          -Work provisions

The President's foreign positions
     -Chile
     -UN
     -Taiwan
     -USSR
     -Vietnam War

The President's domestic positions
                                         11

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                            Conv. No. 303-9 (cont.)


     -Busing


The President's foreign economic position
     -Japan, Canada, Mexico, Latin America, Australia
     -European community
     -Kissinger
     -Connally’s view

US foreign policy
     -US domestic concerns
     -Trading partners
     -Alliance for progress
     -Edwin S. Cohen's conversation with Connally
           -Philip H. Trezise
                 -Negotiations
     -IMF
     -Shultz

Legislation
     -Bennett
           -The President's previous conversation
     -Tax bill
           -HR 1
     -Revenue sharing
     -Welfare reform
     -Reorganization

Economy
    -Wage Board, Price Commission
         -George Meany
               -Statement's effect on economy
         -George Boldt
    -Pay Board
         -Labor members' possible departure
         -Meany
    -Burns
         -Shultz
         -Wage and price freeze
         -International economic predictions
               -Organization for Economic Cooperation and Development [OECD]
                                             12

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                       (rev. 10/06)
                                                               Conv. No. 303-9 (cont.)


                           -Volcker
               -Price of gold
                     -Congress
          -Exchange rates
               -Balance of trade
               -Treasury Department
               -Peterson
               -Connally's efforts
               -Japanese
               -Germans
               -Japanese
                     -PRC, USSR
                     -Trade arrangements with US
                           -Yen valuation
                                 -Effect
                           -Tariffs
                           -Surcharge
                                 -Canada
                                 -Europe
               -Canada
                     -Negotiations
               -Latin Americans
               -Germans
                     -France
                     -European common market
                           -Connally’s view
                           -Exchange rates

Manolo Sanchez entered at an unknown time after 2:43 pm.

     Refreshments

Sanchez left at an unknown time before 4:50 pm.

     Economy
         -Europe
              -Exchange rates
              -US policy
         -Congress
              -Tariffs and quotas
                    -US trade
                                  13

               NIXON PRESIDENTIAL MATERIALS STAFF

                          Tape Subject Log
                            (rev. 10/06)
                                                           Conv. No. 303-9 (cont.)


-US foreign trade
      -Europe
            -France
                  -Surcharge
                  -Trade with US
                  -Banking system
                         -Financial transactions
            -Germans
            -Great Britain, Italy
      -Japanese
            -Exchange rates
      -Europe
            -Paul A. Volcker
            -Surcharge
            -Edward R.G. Heath, Georges J.R. Pompidou, Willy Brandt
            -Fixed exchange rates
      -International Monetary Fund [IMF]
            -US role
                  -Connally’s view
      -Japan, Canada, Latin America
      -Canada
            -Floating exchange rate
      -Shultz
      -Connally's forthcoming trip to Japan
      -Peter G. Peterson
      -Latin America
-International exchange rates
      -Peterson memorandum
      -European economic community head
            -Nathaniel Samuels
            -Peterson
      -Burns
            -Jelle Zijlstra
            -IMF announcement
            -Connally's schedule
                  -Karl Schiller
                  -Possible Connally letter to Burns
                  -Possible Connally letters to finance ministers
                  -Volcker
      -Europeans
      -Japanese
                                        14

                    NIXON PRESIDENTIAL MATERIALS STAFF

                               Tape Subject Log
                                 (rev. 10/06)
                                                         Conv. No. 303-9 (cont.)


     -International concerns
           -State Department
           -Peterson
           -Samuels
           -Treasury Department
           -Burns
           -Council of Economic Advisers [CEA]
           -State Department
                 -Responsibilities
           -Treasury Department
           -Peterson's role
           -Shultz's possible role
           -Treasury Department
           -State Department, Commerce Department
           -Commerce Department
                 -Maurice H. Stans
           -Peterson
           -Peter M. Flanigan
           -Peterson
           -Kissinger
           -Shultz
           -Paul W. McCracken
           -Connally
           -Peterson
           -Need for reorganization
           -Rogers
           -Military policy
                 -Offset agreements
                       -Germany
                       -Canada
                       -Japan
           -Trade matters
           -Canada
                 -Automotive agreement
           -Japan
           -Exchange rates

Personnel in economic matters
     -Shultz
     -Burns
           -Possible Quadriad meeting
                                             15

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                       (rev. 10/06)
                                                                     Conv. No. 303-9 (cont.)


                     -Timing
                -Connally's conversation with Frederick V. Malek
                     -Possible appointments to the Federal Reserve Board [FRB]
                -Andrew F. Brimmer
                -Rogers
                -Malek's possible conversation with Burns
                     -Appointments to the FRB
                -Appointments to the FRB
                     -Supreme Court
                     -Malek
                     -Earl Cotton [?]
                     -Tommy Thompson
                     -Cotton
                           -Background
                           -Views on Economic policy

The President talked with an unknown person [H. R. (“Bob”) Haldeman] at an unknown time
between 2:49 pm and 4:55 pm.

[Conversation No. 303-9A]

     The President's schedule
          -Shultz
               -Executive Office Building [EOB]

     UN
          -Rogers
          -Kissinger
          -Bush
          -Ronald W. Reagan
               -Suggestion for television address
                     -India-Pakistan

[End of telephone conversation]

     UN
          -Reagan
               -Suggestion for television address
               -US foreign policy
          -Pakistan
          -Taiwan
                                               16

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                       Conv. No. 303-9 (cont.)


                -Possible readmission
                     -Previous UN vote
                     -Connally’s view
                            -Comparison to Congressional legislation
                                 -Malawi, Malta
           -John N. Mitchell's suggestion
                -Bush

     The President's Foreign Policy Program
          -Opportunities
               -Connally’s view
          -PRC, USSR
               -Domestic opinion
          -Rogers

George P. Shultz entered at 4:50 pm.

     Salutations

     Weather

The President left at an unknown time after 4:50 pm.

     Schedule

The President returned at an unknown time before 5:03 pm.

     UN

     Connally's schedule

The President left at an unknown time after 4:50 pm.

     International economics
           -Peterson's memorandum
           -Exchange rates
                 -Volcker's previous trip to Europe
           -Volcker's negotiations
                 -Japanese, Germans
                       -Currency valuations
                       -Gold
                                              17

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                         Conv. No. 303-9 (cont.)


                -British, French, Italians
          -News stories
                -Germany
                      -Schiller
                      -European Economic Community officials
          -Peterson's memorandum
          -The President's possible actions
          -Convertibility
          -Connally's trip
                -Japan
          -State Department
          -Kissinger, McCracken, Connally
          -British, French, Germans
          -Canadians

The President re-entered at an unknown time after 5:03 pm.

Manolo Sanchez entered at an unknown time after 5:03 pm.

     Beverage orders

Sanchez left at an unknown time before 5:55 pm.

     International economics
           -The President's conversation with Shultz, October 25, 1971
                 -Staff organization
                       -Peterson
           -European contacts with administration personnel
                 -Samuels
                 -Peterson
                 -Burns
                 -McCracken
                 -Volcker
           -Peterson memorandum
           -State Department
                 -Burns
                 -Peterson
                 -Volcker
           -Balance of trade
                 -Implications for US
                 -Gold
                                    18

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                              (rev. 10/06)
                                                               Conv. No. 303-9 (cont.)


-Quadriad meeting
     -Troika
     -Possible outcome
     -Discussions
           -Money supply
           -Meetings with Europeans
           -Instructions for Connally
-Japan
     -US policy
-Convertibility
     -Burns
           -Gold
     -Monetary situation
           -Japan
-Canadians
     -Surcharge
           -Western Hemisphere
           -Africans
-Europeans
     -Germans
-Goals
     -Peterson
     -Burns
           -Zijlstra's discussions with European finance ministers, central bankers
           -Federal Reserve System
           -Views on the President's international policy
     -Japanese
           -Okinawa
           -PRC
     -Burns
     -State Department
     -Possible meeting with Japan, Europeans
           -Fixed parity
                 -Convertibility
     -Japan
     -Connally’s forthcoming trip to Far East and Japan
           -Okinawa
                 -Nobusuke Kishi
                 -Voice of America station
                        -Kissinger
                 -American bases
                               19

          NIXON PRESIDENTIAL MATERIALS STAFF

                       Tape Subject Log
                         (rev. 10/06)
                                                          Conv. No. 303-9 (cont.)


                  -Kissinger
      -US ambassador
            -Connally’s forthcoming meeting
            -William H. Sullivan
      -US ambassador to Indonesia
      -US ambassador to Japan
            -Armin H. Meyer
      -Treasury representative in Tokyo
      -Negotiations
            -Connally's meetings
      -Sullivan
            -International monetary discussions
-Peterson's memorandum
-Europe
      -Convertibility
      -Japan
            -Revaluation
            -Textiles, steel
            -UN
                  -Europeans
            -State Department
-Canada
      -Oil issue
            -Connally's contact with [unintelligible name] official
            -Distribution within Canada
            -Venezuela
            -Commitment to US
      -US ambassador
-Flanigan
-Surcharge
      -Japan
      -Western Europe
      -Latin America
      -South Africa
      -Australia
      -New Zealand
            -Germany
                  -Revaluation
                  -French
                  -Belgium
                  -Netherlands
                                 20

              NIXON PRESIDENTIAL MATERIALS STAFF

                         Tape Subject Log
                           (rev. 10/06)
                                                         Conv. No. 303-9 (cont.)


                -France
                -Britain
                -Italy
                -General Agreement on Trade and Tariffs [GATT]
                       -Agricultural policy
                       -John R. Petty
                -Exchange rates
                       -Volcker
    -Connally's trip to Japan
    -Canada
          -Volcker
    -Latin Americans
          -Mexico
                -Echeverria
          -Argentina
          -Brazil
    -US policy
          -Africans
          -Japan
          -Brazil
          -Argentina
          -Bolivia
          -Peru
-Administration organizational concerns
    -State Department
    -Europe
    -Japan
    -PRC
    -Peterson
    -Media coverage
          -New York Times
          -Newsweek
          -US News and World Report
    -Peterson
    -Rogers
    -Kissinger
    -Peterson
          -Kissinger
          -Meetings and memorandum
          -Leaks
                -Camp David meetings
                                  21

               NIXON PRESIDENTIAL MATERIALS STAFF

                          Tape Subject Log
                            (rev. 10/06)
                                                    Conv. No. 303-9 (cont.)


      -Shultz's role
      -Quadriad
            -Burns
                  -Europe
                        -Convertibility
                        -OECD
                        -Volcker
                        -Germans
                        -Schweitzer
-Burns
      -Money supply
            -Shultz's conversation with
            -Advice to Nixon in 1960
                  -Robert B. Anderson
                  -Raymond J. Saulnier
                  -William McChesney Martin
                  -George T. Humphrey
            -Quadriad
-Inflation compared with unemployment
-Burns
      -Camp David discussions
      -Support for administration's policies
-State Department
-Japanese
-Role of Connally
-Canadians
-Latin Americans
-Mexico
-Argentina
-Brazil
-South Africa
      -Racial concerns
-Australia
      -Balance of trade
      -Great Britain
      -New Zealand
-Indonesia
-Thailand
-Peterson's organization
      -State Department
-Administration policy decisions
                                      22

                    NIXON PRESIDENTIAL MATERIALS STAFF

                               Tape Subject Log
                                 (rev. 10/06)
                                                                 Conv. No. 303-9 (cont.)


          -Peterson
                -Kissinger
                -Connally
                     -Schedule
                -Possible meeting
                     -Shultz, McCracken, Ezra Solomon, Volcker
          -Burns
                -Quadriad meeting
                     -Volcker
                     -Money supply
          -McCracken
                -Council of Economic Advisors [CEA]
                     -Views
                           -Money supply
                           -Wage and price concerns

Economy
    -Wage and price concerns
    -Strikes by longshoremen, coal miners
          -Labor Department
          -New Orleans, Philadelphia
          -Taft-Hartley Act
    -CEA
    -Economic analysts
          -Time, Newsweek, Fortune
          -Prognostications
    -CEA
          -Budget deficit
          -McCracken
          -Herbert Stein
          -Money supply
    -Wage and price controls
    -International concerns
          -Japan
          -Canadians
          -Shultz
          -Flanigan
          -Volcker
          -Petty
          -Assignment of responsibilities
                -Shultz
                                             23

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                   Conv. No. 303-9 (cont.)


                            -Volcker
                            -[Unintelligible]
                            -Flanigan
                                  -Oil
                            -Petty
                            -Canadians
                            -Latin Americans
                            -Japan
                                  -Eisaku Sato
                                  -Takeo Fukuda

     Connally's schedule
         -Meeting with Nixon and Kissinger
                -Japanese trip
                     -Kishi

     Economy
         -International concerns
               -Germany
                     -Economic policies
                     -France
                     -North American Treaty Organization [NATO]
                           -Kissinger
                     -US ambassador
               -Shultz's schedule

Connally, Shultz left at 5:55 pm.