Conversation: 547-009Prev: 547-008 Next: 547-010
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
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.