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Conversation: 547-009

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Start Date: 27-Jul-1971 12:15 PM

End Date: 27-Jul-1971 1:09 PM

Participants:

Nixon, Richard M. (President)Connally, John B.Peterson, Peter G.

Recording Device: Oval Office

Full Tape Conversation Start Time: 02:52:22

Full Tape Conversation End Time: 03:47:03

547a.mp3

547b.mp3

NARA Description:

On July 27, 1971, President Richard M. Nixon, John B. Connally, and Peter G. Peterson met in the Oval Office of the White House from 12:15 pm to 1:09 pm. The Oval Office taping system captured this recording, which is known as Conversation 547-009 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 547-9

Date: July 27, 1971
Time: 12:15 pm - 1:09 pm
Location: Oval Office

The President met with John B. Connally and Peter G. Peterson.

     Mamie G. Eisenhower
         -Dream

     Dreams
         -Recollection
              -The President
              -Abraham Lincoln
                    -Anecdote about Cabinet meeting
                         -Dream on night prior to assassination
         -Dwight D. Eisenhower
              -Mrs. Eisenhower
                    -Dream

     The economy
          -Strategy for planned action
                -Confidentiality
                                        21

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/08)



                  -Compared to the US -People’s Republic of China [PRC] initiative
                  -The President, Connally, Peterson
                        -George P. Shultz, Paul W. McCracken
                        -Arthur F. Burns
           -Initiative
                  -Burns’ attitude
                        -Comparison with Connally, Peterson
     -Japan
           -Textile negotiations
     -Burns
           -Strategy
                  -Gold prices
                        -Possible action
                              -Effect
                  -Monetary situation
                        -Domestic, international action
                              -Wage-price action
                              -Paul A. Volcker
                                    -Forthcoming meeting with Connally
     -Imposition of wage and price controls in the U.S.
           -Burns’ view
     -International situation
           -France
                  -Valery Giscard D'estaing
           -Japan, Germany
                  -D'estaing's remarks
                        -Burns’ staff
                        -Interpretation

The economy
     -Options
     -Trade balance
          -June 1971 figure
          -April, May 1971 figures
     -US gold reserves
          -Situation
     -Defense of the US dollar
     -Gold reserve
          -Amount
                -Commitments
     -Germans, Japanese, French
          -Effect of action
                                                22

                             NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/08)



           -Devaluation
                 -Options
           -International Monetary Fund
                 -Proposed Presidential letter
                       -Dollar convertibility into gold
                       -Fixed exchange rates
                             -Float alternative
                       -Effect of action                          Conv. No. 547-9 (cont.)
                             -Cessation of gold convertibility
           -Strategy
                 -The President's role
           -International situation
                 -Effect of the PRC initiative
                 -Consequences of US action
                       -Leadership
                 -Options
                       -Import surcharge, export rebates
                       -Wage and price controls
                       -1972, 1973 budgets
                       -Negotiation with Japan, Germany
                       -US economy
                             -Revival of vitality
                       -Scope of action
           -Possible action on wage and price control
                 -Burns
                       -Possible statement effect
           -Timing of economic action
                 -Election
           -Roles of administration officials
                 -Volcker, McCracken, Peterson, Shultz
                 -The President, Connally
           -Burns
                 -Forthcoming meeting with Connally
           -Peterson's schedule
                 -Republican leadership


Peterson left at 12:40 pm.

           -Peterson
           -Options
                 -Export rebates, imports
                                   23

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/08)



            -Average person's reaction
                  -Jobs
      -Consideration of domestic political effect
-International monetary situation
      -Explanation to national television audience
            -Timing of forthcoming speech
      -Source of announcement of action
            -The White House, the Treasury Department        Conv. No. 547-9 (cont.)
            -The President, Connally, H.R. (“Bob”) Haldeman
            -Perceptions of the President
                  -Foreign policy
                  -Economy
            -Connally's role as Secretary of the Treasury
            -Source of request for television time
-World Bank presidency
      -Robert S. McNamara
            -Reaction
                  -Haldeman
                  -Barry M. Goldwater
                        -Pentagon Papers
                        -The PRC initiative
            -Henry A. Kissinger
            -Possible meeting
                  -Connally, Kissinger
                  -The President
            -The State Department
            -Treasury Department's role
            -Goldwater
            -Relations with Kissinger
      -Aid
            -Bi-lateral, multi-lateral
                  -Approaches
                  -International Monetary Fund, World Bank
                  -Foundations
                        -Ford Foundation
-International relations
      -Europe, Japan, Southeast Asia
      -Bi-lateral approach
            -Brazil, Argentina
            -Organization of American States [OAS
            -Costa Rica, Brazil, Argentina, Honduras, Ecuador, Bolivia
      -Frank F. Church
                                   24

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/08)



            -Senate Foreign Relations Committee
            -Statement about Brazil
            -The PRC
      -US stance
            -Brazil
            -Fidel Castro
-Timing of action
-Balance of payments                                         Conv. No. 547-9 (cont.)
-Gold reserves
-French, British action
      -Transactions
-International Monetary Fund
      -September meeting
      -Negotiations
-Federal Reserve Board vacancy
      -Burns’ conversation with Shultz
      -Candidates
            -Orientation
                  -Jobs, inflation
-McCracken
      -Departure from job
      -Replacement
            -Herbert Stein
      -Connally’s view
            -Jews
                  -Perceptions
                  -Department of the Treasury
                  -Bureau of Labor Statistics [BLS]
-Administration action
      -Connally, Shultz
      -Connally's conversation with James E. Smith
      -Unemployment, inflation
-Trends
      -Retail sales figures
-Burns
      -International situation
            -Germans
                  -Possible reaction
-McCracken, Peterson meetings
-Business centers
      -Chicago, Los Angeles, San Francisco, Atlanta, St. Louis, Detroit, Cleveland,
            Cincinnati, New York, Philadelphia
                                               25

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/08)



                      -Speech appearances
                              -Haldeman
                              -Regional television
                              -Haldeman's assistance in scheduling
                                   -Campaigning orientation
           -Idanell (Brill) (“Nellie”) Connally
           -Burns
                -"Face the Nation"                                    Conv. No. 547-9 (cont.)
           -Congress
           -Press
                -Charles G. (“Bebe”) Rebozo

Connally left at 1:09 pm.