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Conversation: 577-003

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Start Date: Monday, September 20, 1971 4:45 PM

End Date: Monday, September 20, 1971 5:30 PM

Participants:

Nixon, Richard M. (President)Mitchell, John N.Burns, Arthur F.Sanchez, ManoloNixon, Richard M. (President)Mitchell, John N.Burns, Arthur F.Sanchez, Manolo

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:19:26

Full Tape Conversation End Time: 01:17:22

577a.mp3

577b.mp3

NARA Description:

On September 20, 1971, President Richard M. Nixon, John N. Mitchell, Arthur F. Burns, and Manolo Sanchez met in the Oval Office of the White House from 12:45 pm to 1:30 pm. The Oval Office taping system captured this recording, which is known as Conversation 577-003 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 577-3

Date: September 20, 1971
Time: 12:45 pm - 1:30 pm
Location: Oval Office

The President talked with John N. Mitchell; Arthur F. Burns entered at 12:45 pm while the
conversation is in progress.

[Conversation No. 577-3A]

[See Conversation No. 9-95]

[End of telephone conversation]

     Greetings

     Supreme Court resignation
          -John Harlan
                -Health
                      -Georgetown Hospital
          -Announcement
                -Date
                      -Speculation
          -Appointees
                -Number
                -Effect on Supreme Court
          -Justice Department
          -Federal Bureau of Investigation [FBI]
                -Role in appointing Justices
          -Appointees
                -Congressman
                -Clement F. Haynsworth, Jr.
                -G. Harold Carswell
                -Richard H. Poff
                      -Credentials
                           -Harry F. Byrd, Sr.
                                               7

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                    Conv. No. 577-3 (cont.)


                            -Conservatism
                            -Practice of law
                            -Judiciary Committee
                                  -American Bar Association [ABA]

     International economics
           -Burns's European trip
                 -John B. Connally
           -US objectives
           -Europeans
                 -Currency re-alignment
                 -Convertibility of gold
                       -France
                       -Restoration of convertibility
                             -Results
                             -Significance in France
           -France
                 -Price of gold issue
                       -Reactions
           -Price of gold
                 -Burns's conversation with Connally
                       -US position
                             -Policies
                             -Tariffs

Manolo Sanchez entered at an unknown time after 12:45 pm.

     Refreshments
          -coffee

Sanchez left at an unknown time before 1:30 pm.

     International economies
           -Price of gold
                 -Raising price
                       -Amount
                       -William Proxmire
                       -William V. Roth, Jr.
                             -Opposition
           -Congressional actions
                 -Price of gold
                                    8

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                              (rev. 10/06)
                                                          Conv. No. 577-3 (cont.)


            -Increase
            -Attitude
            -Political and economic objection
                   -Political objection
                         -Rewards for countries
                               -South Africa
                               -Soviet Union
                               -France
-Price of gold
      -Comparison to earlier prices
            -Official price compared to market price
      -Action of raising price
            -Percentage points
                   -Inflation
-Future action
-Europe
-Japan
      -Subsidization of exports
            -Canada
      -Free trade
            -Relationship with Canada
-Great Britain
      -Political situation
      -Common market
-Germany
      -Relationship with the US
      -Question of future policy
-Forthcoming economic meetings
-International Monetary Fund [IMF] and Group of Ten
-Preparation
-Location
      -Washington
            -The President’s schedule
                   -Alaska
            -Forthcoming IMF meeting
                   -Possible statement by the President
-Reception
      -Connally, the President
      -Secretary of the Treasury
      -Central bankers
      -IMF chairman
                                   9

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                           Conv. No. 577-3 (cont.)


     -Number
     -Statement by the president
           -Impact
     -Location
           -White House
     -Secretaries of the Treasury
     -John B. Connally
     -Timing
-Great Britain
     -Connally's evaluation
           -European market
     -Common market
           -Effect on foreign policy of the US
                 -Economic policy
-Approach
     -Integration of economic and foreign policies
           -Japan
                 -People’s Republic of China [PRC]
                 -Soviet Union
-Japan
     -Relationship with US
           -Commercial relationship
           -PRC, Soviet Union
-Relationship with Europe
     -Comparison with the US
-Europe and Japan
     -Relationship with the US
           -Competition
-Japan
     -Relationship with the US
           -The President’s previous comments
                 -Competition
                 -People
                 -Type of governments
-Relationship between foreign policy and domestic issues
     -Group of Ten meeting
     -Congress
           -Meeting with the President
     -Isolationism
           -Surcharge
           -Foreign aid
                                     10

                NIXON PRESIDENTIAL MATERIALS STAFF

                             Tape Subject Log
                               (rev. 10/06)
                                                                 Conv. No. 577-3 (cont.)


             -Trade barriers
                   -Canada
                   -Japan
                         -US public
                               -Possible speculation
                                     -Anti-trust laws
                                     -Subsidization
                                     -Okinawa reversion treaty
                                          -Textiles
                   -Type of diplomacy for the US
                         -Strength
             -Public posture
             -Congress
                   -Jacob K. Javits
       -Current situation
             -Projections for the future
-Britain
       -British press
             -Influence in US
                   -The Economist
       -Relationship with the US
             -Politics
       -Orientation
-Italy
       -Rome
             -Memorandum
             -Conversation between the president and burns
-Foreign restrictions
       -Impact in the US
             -Timing
-Economic theory
       -Floating exchange system
             -Milton Friedman
             -Godfrey [Surname unintelligible]
             -Marketplace forces
                   -Demand and supply
             -Contrast of theoretical and practical conditions
             -Current environment
             -Restraints
                   -Government rules
                   -Central banks
                                   11

                NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                      Conv. No. 577-3 (cont.)


-European countries
      -Unification of ideas
            -Competition with the US
                   -Obstacle
                         -Percentage points
-Connally
      -Presentation of US position abroad
            -Understanding of problems
-Foreign countries
      -Problems
            -Gold prices
                   -US understanding
                         -Type of problems
-Impact of us action
-Import surcharge
      -US position
            -Duration
      -Currency realignment
            -Relation to surcharge
      -Negotiations
            -Length of time
-Gold issue
-Devaluation of the dollar
      -Psychological impact
      -Political impact
-Price of gold
-Inflation
-International reserves
      -Measured by gold
            -Reduction
                   -Special Drawings Rights [SDR’s]
-Economic theories
      -Political economic effects
      -Political factors
            -Parliamentary bodies
            -US position on gold prices
            -Congress
            -Economic change
                   -Election period
                   -Proxmire, Roth
-Burns
                                   12

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                            Conv. No. 577-3 (cont.)


      -Connally
-Burns's trip
      -Education
      -Burns's credentials
            -Representation of the US
                  -Negotiations
                        -International economics
      -Domestic versus international matters
      -Burns, Connally
      -Meeting with central bankers and finance ministers
      -Clarity of communications
      -Connally
      -Representation of the US position
            -Connally
                  -Credentials
            -Type of trip
      -Connally
            -Obtaining information
            -Conversation with burns
      -France
            -Gold convertibility
      -Germany
            -Percentage points appreciation
      -European economic community [common market]
            -Director General's position
-Price of gold
      -Political compared to economic problem
            -Economic problem
-Foreign, economic discussions
      -Conally's position
      -Limitation on discussions
      -Central bankers
            -Tradition of discussion
                  -President’s approval
                  -Connally
      -US position
            -Unified position
                  -Possible outcome
                        -Press
      -Burns
            -Relationship with Connally
                                  13

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                            Conv. No. 577-3 (cont.)


            -Role as economist
                  -Representation of the US
-US position
      -Connally
            -Agenda proposal
                  -Price of gold
                  -Trade
                  -Currency re-alignment
-Domestic political scene
      -Conversations between Burns, Connally, and the President
      -William P. Rogers
            -State Department
      -[Federal Reserve Board [FRD]]
      -Treasury Department
      -Council on International Economic Policy [CIEP]
-US negotiating position
      -Connally's staff
            -Limitations
      -Connally's
            -Credentials as negotiator
                  -Understanding of foreigners
                  -Perception by Europeans
                        -Toughness
                        -Understanding
                  -John Foster Dulles
      -State Department
            -Relationship with the President
-Number of individuals involved
      -CIEP
            -Peter G. Peterson
      -State Department
      -Commerce Department
      -Peterson
            -Number involved
            -Type of discussions
      -Connally's role
            -Foreign policy
      -Nathaniel Samuels, Philip H. Trezise
-Henry A. Kissinger
      -Relationship with the President
-Peterson
                                         14

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                                  Conv. No. 577-3 (cont.)


     -Kissinger
          -Foreign relations factors
                -Germans
                -France
                      -Georges J.R. Pompidou
                -Britain
                -Japanese
                -Future implications
                -Member of group
                -Political interests
                -Domestic advantages
     -IMF
          -The President's appearance
                -Statement
                -Reception
          -Pierre Paul Schweitzer
                -Possible meeting with the President
                      -Connally
                             -Possible reaction
     -Detroit Economic Club
          -Upcoming Question and answer [Q&A] session with the President
                -Date
                -Preparation of background information by Burns
                      -Audience
                      -International issues
                             -IMF
                             -Gold
                      -Handling
                             -Transmittal
                                   -Date
                                   -Time
                                   -H. R. (“Bob”) Haldeman
                                   -Rose Mary Woods
                                         -California
                      -Type of information
                             -Impact

The economy
     -Phase II
          -Meetings with various special interest groups and individuals
               -Date
                                    15

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                              (rev. 10/06)
                                                             Conv. No. 577-3 (cont.)


                  -Decisions
                        -Directions of policy
      -Congressmen, Senators, business leaders
            -Preferences
      -Labor leaders
            -Position on Phase II
                  -Comparison to business leaders
-The President's schedule
      -Trip
            -Alaska
-Unified position
-Direction
      -Freeze
      -Phase II
            -Follow-up
      -Budgetary and tax action
-Follow-up
      -IMF meeting
-Freeze
      -Impact
-Meeting between Burns and the President
      -Freeze
      -Phase II
            -Sequence of follow-up action
                  -Burns's conversation with Herbert Stein
                        -Changing process
                              -Mechanics of change
-Labor leaders’ cooperation
      -People
            -Support of the President
                  -Results of polls
      -George Meany
            -Lack of support versus support
-Freeze
      -Impact
            -Freedom
                  -US people
                        -Support of the President
      -Election
            -Restraint imposed by freeze
                  -Labor unions
                                              16

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                Conv. No. 577-3 (cont.)


           -Forthcoming Q&A session
                -Memo from Burns to the President
           -Phase II
                -Date
                      -Preliminary statement

Burns left at 1:30 pm.