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Conversation: 558-007

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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

558a.mp3

558b.mp3

NARA Description:

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.