Conversation: 558-007Prev: 558-006 Next: 558-008
Start Date: Monday, August 9, 1971 8:37 PM
End Date: Monday, August 9, 1971 9:00 PM
Participants:Nixon, Richard M. (President); McCracken, Paul W.; [Unknown person(s)]; Woods, Rose Mary;
Recording Device: Oval Office
Full Tape Conversation Start Time: 01:38:29
Full Tape Conversation End Time: 02:01:54
On August 9, 1971, President Richard M. Nixon, Paul W. McCracken, unknown person(s), and Rose Mary Woods met in the Oval Office of the White House from 4:37 pm to 5:00 pm. The Oval Office taping system captured this recording, which is known as Conversation 558-007 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 558-7 Date: August 9, 1971 Time: 4:37 pm - 5:00 pm Location: Oval Office The President met with Paul W. McCracken. International monetary affairs -John B. Connally -McCracken memorandum -Length -Delivery to President -Stephen B. Bull -Rose Mary Woods -Paul Scott’s column -Closing the gold window -Treasury Department -Contingency plan -Planned action 16 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 558-7 (cont.) -Timing -Forthcoming meeting -Council of Economic Advisors [CEA] -George P. Shultz -Leaks -Possible US action -Dollar floatation -Closing the gold window -Price of gold -Gold -Switzerland -Position of dollar -Undervaluation -Impact on imports An unknown person entered at an unknown time after 4:37 pm. Refreshment The unknown person left at an unknown time before 4:43 pm. International monetary affairs -Position of dollar -Undervaluation -Impact on political leadership -International trade -Liberal orientation Rose Mary Woods entered at 4:43 pm. -Memorandum by McCracken Woods left at 4:44 pm. -Herbert Stein -Ezra Solomon -Hendrik S. Houthakker National economy -Retail sales figures -Compared to June 17 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 558-7 (cont.) -Compared to 1970 -Consumer confidence -Trends -Consumer spending -Money supply -Rate of increase -Arthur F. Burns -Federal Reserve Board [FRB] -Relationship to economy -Timing -Housing -Subsidies -Compared to unknown program -Interest rates -President's schedule -Trips to Ohio, Iowa, New Hampshire and Maine -Public mood -Iowa -Crowd -McCracken’s family -Size -Capital goods -Status -Investment tax credit -Depreciation -Inventory levels -President’s recent press conference -Retail sales -Unemployment statistics -June and July 1971 International monetary affairs -Forthcoming meeting -Leaks -Possible crisis -Possible Administration responses -Closing the gold window -Dollar floatation -International cooperation -Burns -France 18 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 558-7 (cont.) -Germany -Great Britain -France -Japan -Alternatives -Closing the gold window -Impact on the dollar -Gold supply National economy -Domestic action -Wage and Price Board -President's press conference previous week -Economic uncertainty -Abuse of power -Possible wage and price action -Freeze President's schedule -Stein and Solomon McCracken left at 5:00 pm.