Conversation No. 272-017
Date: August 11, 1971
Time: 4:45 pm - 6:31 pm
Page | 24
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
Location: Executive Office Building
The President met with George P. Shultz.
President's economic program
-Developments
-William P. Rogers’ call to Shultz, August 11, 1971
-Import surcharge
John T. Dunlop's article
-New York Times
-Paul W. McCracken
The President talked with the White House operator at an unknown time between 4:45 pm and
4:49 pm.
[Conversation No. 272-17A]
Request for a call to Dunlop
[End of telephone conversation]
President's economic program
-Leaks
-Structure
-Taxes
-Possible wage-price freeze
The President talked with Dunlop between 4:49 pm and 4:51 pm.
[Conversation No. 272-17B]
Dunlop's letter to New York Times
-Income policy
-President's meeting with Shultz
-McCracken
[End of telephone conversation]
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White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
President's previous conversation with Dunlop
Dunlop
-Background
-Harvard University
-Productivity Committee
-Age
-Meeting with the President
-Manner
-Harvard University
Malfunctioning office equipment
Manolo Sanchez entered at an unknown time after 4:51 pm.
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[Previous PRMPA Personal Returnable (G) withdrawal reviewed under deed of gift 04/04/2019.
Segment cleared for release.]
[Personal Returnable]
[272-017-w001]
[Duration: 9s]
Pipe
-Need cleaning
**********************************************************************
Sanchez left at an unknown time before 5:10 pm.
President's economic program
-Possible wage and price freeze
-Effects
-Business confidence
-International situation
-Shock
-Council of Economic Advisors [CEA]
Page | 26
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-Pricing decisions
-National economy
-Taxes
-Vietnam War
-Public confidence
-Need to educate public
-Steel
-Inflation alerts
-National Committee on Productivity
-Construction trades
-Budget
-1969
-Recession
-Compared to 1958
Sanchez entered at an unknown time after 4:51 pm.
**********************************************************************
[Previous PRMPA Personal Returnable (G) withdrawal reviewed under deed of gift 04/04/2019.
Segment cleared for release.]
[Personal Returnable]
[272-017-w002]
[Duration: 12s]
Pipe
-Problems with
**********************************************************************
Sanchez left at an unknown time before 5:10 pm.
President's economic program
-Politics
-President's conversations
-Herbert Hoover
-Dwight D. Eisenhower
Page | 27
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-Franklin D. Roosevelt's statements and actions
-National Recovery Administration [NRA], Agricultural Adjustment
Administration [AAA], Works Progress Administration [WPA],
National Youth Administration [NYA]
-Soundness
-Arthur F. Burns’ view
-Markets
-News media
-John F. Kennedy's administration
-Unemployment rate
-Consumer Price Index [CPI]
-Unemployment
-Walter L. Cronkite, Jr.
-Unemployment reporting
-Public confidence
-Possible float of dollar
-Forthcoming meeting, September 1971
-Possible wage and price freeze
-Inflation
-Possible devaluation
-Shultz's conversation with son
-Wage and price freeze
-Investment tax credit
-Possible import tax
-Possible float of dollar
-Burns’ view
-US position in world
-Japan
-Investment growth
-Trade
-Leader for peace
-Trade
-Need for economic leadership
-Parallel to foreign affairs leadership
-Closing gold window
-Justification
-Stabilization
-International monetary system
-International Monetary Fund [IMF]
Page | 28
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
Henry A. Kissinger entered at 5:10 pm.
-US trading partners
-Economic leadership
-Foreign affairs
-People’s Republic of China [PRC], Berlin
-National interest
-Tone
-Avoiding crises
-Import tax, wage and price freeze, and investment tax credit
-Balance of trade
-Dollar problem
-Relative value of economy
-Closing gold window
Signing of Accidental War Agreement
-Kissinger's conversation with Anatoliy F. Dobrynin
-Foreign minister level
-William P. Rogers
-Possible impact on PRC
-Andrei A. Gromyko
-Level
-PRC
-Gromyko
-Arrival in Washington, DC
-Timing
-Unknown meeting
-President’s instructions
-Radio channel
-Dobrynin
-Rogers
-Vladimir Semenov
-PRC
-Kissinger's forthcoming conversation with Chou En-lai
-Berlin
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Page | 29
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
[Previous National Security (B) withdrawal reviewed under MDR guidelines case number
LPRN-T-MDR-2014-016. Segment declassified on 01/12/2018. Archivist: DR]
[National Security]
[272-017-w003]
[Duration: 24s]
Signing of Accidental War Agreement
-People’s Republic of China [PRC]
-Prepared paragraphs
-Subsequent drafts
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US relations with Union of Soviet Socialist Republics [USSR]
-Kissinger's conversation with Robert Anderson of Richfield Oil
-Anderson’s planned trip to USSR
-USSR attitude
-Cambodia
-President's forthcoming trip to PRC
President's forthcoming trip to PRC
-Reaction of Liberals and Conservatives
-W[illiam] A[verill] Harriman
-Speech
Kissinger's conversations with Dobrynin, August 11, 1971
-Tone
-Need for secrecy
India-Pakistan
-President's previous meeting
-Joseph J. Sisco
-Joseph S. Farland
-Agha Muhommad Yahya Khan
-Political accommodation
-Risk
-India
Page | 30
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-Refugee policy
-President's previous meeting
President's Economic Program
-Textiles
-President's Conversation with H. R. (“Bob”) Haldeman
-Views of John N. Mitchell, David M. Kennedy, John B. Connally
-National security argument
-Peter G. Peterson, Rogers
-Kissinger's forthcoming calls to Mitchell and Connally
-National security argument
-Consequence
-Steel
-Possible legislation
-Mitchell
-Development of administration's program
-Forthcoming meeting
-David M. Kennedy
-Need for consensus
-Peterson's role
-Japan
-PRC
-President's conversation with Peter M. Flanigan
-Rogers
-Takeo Fukuda
-Comparison to Eisaku Sato
-Kissinger's conversation with Rogers
-Unknown Emissary
-Forthcoming visit to US
-The President’s instructor
-Leon H. Keyserling
-President's possible conversation with Fukuda
Kissinger's forthcoming conversations with Dobrynin and Rogers
Rogers
-October meeting with Gromyko
Kissinger left at 5:25 pm.
Page | 31
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
President's Economic Program
-Textiles
-Japan
-Peterson
-Fukuda
-Possible US action
-Quota bill
-Possible import tax
-Possible import tax
-Level
-Rogers’ view
-Possible Japanese revaluation
-Convertibility of dollar to gold
-Closing gold window
-Relationship to relative currency value
-International action
-Floating exchange rates
-Canada, Germany, Switzerland
-Japan
-Dollar accumulation
-Revaluation
-Possible negotiations concerning exchange rates
-Flexibility
-Parity
-Possible devaluation
-Possible import tax
-Effect on trade
-Controls
-The President's powers
-Congress
-Kenneth W. Dam’s research
-Politics
-Convertibility of dollar to gold
-Risk
-Possible import tax
-Possible investment tax credit
-Possible wage and price freeze
-Explanation
Page | 32
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-International monetary situation
-US equities
-Gold standard
-Theodore Roosevelt
-Shultz's possible conversation with Connally
-President’s view
-Possible Treasury Department response
-Stabilizing effect
-Unilateral action
-Wage and price freeze
-Import tax
-Congress
-Investment tax credit
-Immediate actions
-Possible import quota
-Wage and price freeze
-Import tax
-Possible tariff increase
-Textiles
-Kennedy Round
-Oil
-Oil companies
-Timing
-1972 election
-Senators' vote on Lockheed
-Ronald W. Reagan
-Government revenue
-International bankers
-Convertibility of dollar to gold
-Renegotiation of exchange rate
-Possible effects
-Wage and price controls
-Devaluation
-Posible devaluation
-Interest rates
-Effect
-Interest rates
-Fear of inflation
-Possible wage and price freeze
Page | 33
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-Administration
-Justice Department
-Exceptions
-Duration
-Possible effect on retail sales
-Follow-up program
-Possible board
-Burns
-Operation
-Industry problems
-Construction industry
-Possible strikes
-Longshoremen
-Coal miners
-Construction industry
-Cost of living increases
-Federal budget
-Shultz’s responsibilities
-National defense
-Timing
-Appropriations
-Figures
-Shultz's conversation with David Packard
-Melvin R. Laird, Joint Chiefs of Staff [JCS]
-Necessity
-President's foreign policy commitments
-US-PRC relations, Berlin Agreement
-Strategic Arms Limitation Treaty [SALT]
-Progress
-Timing
-Middle East
-SALT
-Berlin
-SALT
-Shultz’s conversation with Kissinger
-1974
-Navy
-Air Force bases
-Economy
Page | 34
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-1972 election
**********************************************************************
[Previous PRMPA Personal Returnable (G) withdrawal reviewed under deed of gift 04/04/2019.
Segment cleared for release.]
[Personal Returnable]
[272-017-w005]
[Duration: 1m 41s]
President's Foreign Policy
-Arthur F. Burns [?] negotiation
-1972 election
-Democratic candidates
-Henry M. (“Scoop”) Jackson
-H. R. (“Bob”) Haldeman’s opinion
-Vietnam War
John V. Lindsay
-Nelson A. Rockefeller
-President’s opinion
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President's economic program
-Federal budget
-Statements
-Federal employment
-Revenue estimates
-Fiscal Year [FY] 1972
-Figure
-FY 1973
-Figure
-Investment tax credit
-Estimated revenue
-FY 1972
-Figure
Page | 35
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-FY 1973
-Figure
-Possible import tax
-Connally
-Family Assistance Program
-General revenue-sharing
-Federal pay increases
-Federal agency leasing
-Real estate equipment
-Food stamp eligibility
-Rural loan program
-Water and sewer grants
-House Resolution [HR] 1
-Space program
-Shuttle
-Public relations
-Shultz’s request for memorandum
-1972 election
-Employment
-Skylab
-Personnel
-Houston Space Center
-Cape Kennedy
-Moonshot
President's economic program
-Possible import tax
-Senate
-Haldeman
-President's legal powers
-Shultz's possible call to Rogers
-Possible congressional action
-Wright Patman
-Quota bill
-Unknown law suit
-Shultz's possible call to Mitchell
-Federal pay raise
-Timing
-Unemployment
Page | 36
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-President’s schedule
-California
-Travel
-Burns
-Suggestions
-Meeting with central bankers
-Negotiation
-Burns
-Japanese ambassador
-Tariff
-President's possible television speech
-Public relations
-Content
-Timing
-Treasury Department action
-President’s speech
-Congress
-Shultz's possible call to Connally
-President's forthcoming conversation with Burns, August 12, 1971
-Timing of possible actions
-Convertibility of dollars to gold
-Speech
-Treasury Department
-Announcement
-Timing
-Shultz's possible call to Connally
-Federal budget
-H R 1
-Revenue sharing
-Federal employment
-Possible pay cuts
-Rural Electrification Administration [REA]
-Lobby
-Federal employment
-Figure
-Civilian and military
-Cuts
-H. R. 1 and revenue sharing
-John D. Ehrlichman
Page | 37
White House Tapes of the Nixon Administration, 1971-1973
Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542
-Statement
-Shultz's possible call to Connally
-Federal budget
-Possible federal hiring freeze
-Shultz's possible conversation with Connally
-Timing of announcement
-Possible import tax
-US position in world
School desegregation
-South Carolina
-Bob Davis’ statement
-Elliot L. Richardson's statement
-School board
-Plan in Columbia
-Busing
-Department of Health, Education, and Welfare [HEW]
-Administration’s position
The President and Shultz left at 6:31 pm.
Page | 38