On September 24, 1971, President Richard M. Nixon, H. R. ("Bob") Haldeman, John B. Connally, and Arthur F. Burns met in the Oval Office of the White House from 9:52 am to 10:29 am. The Oval Office taping system captured this recording, which is known as Conversation 578-004 of the White House Tapes.
Nixon Library Finding AidConversation No. 578-4
Date: September 24, 1971
Time: 9:52 am - 10:29 am
Location: Oval Office
The President met with H. R. (“Bob”) Haldeman.
President's schedule
-Forthcoming Florida trip
-Washington Senators game
-President's attendance
-San Diego Padres
-C. Arnholt Smith
-Possible move
John B. Connally and Arthur F. Burns entered and Haldeman left at 9:53 am.
Reception by the President
9
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
Pierre-Paul Schweitzer
-Possible invitation to reception
-Connally
-Impact
-Credentials
-Travel
-Meetings with foreign leaders
-Programs
-Possible meeting with President
-Result
-Usefulness to administration
-Intermediary
-Initiative
-Depreciation of money
-Percentage
-Japan
-Friend
US international economic policy
-Reason for meeting between President, Connally and Burns
-Cabinet members
-Need for unified answers
-Strategy
-Europeans' attention
-Conflicting position for US
-Assistant Secretary, Secretary Maurice H. Stans, David M.
Kennedy
-European negotiating strategy compared to US negotiating strategy
-Negotiations
-President's, Connally's and Burns's role
-United position
-William P. Rogers
-Nathaniel Samuels
-Peter G. Peterson
-International Monetary Fund [IMF]
-Possible speech by the President
-Conversation between the President and Connally
-Preparation
-US position
-Connally speech
-Reception by President
10
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-View of Peterson group, Paul A. Volcker group, State Department,
Connally, Burns
-Reception by President
-Informal remarks
-Time length
-Questions at Detroit Economic Club
-Connally speech
-US position
-Strategy
-Fixed exchange systems
-Option for future
-Connally's speech
-Offering of a plan
-Discussion
-Solutions
-Avoid negativity
-Issues
-Import surcharge
-Gold
-Position of Connally and Burns
-Changing the price of gold
-Congress's approval
-Protectionism
-Domestic climate of opinion
-Difficulties
-Possible risks
-Import surcharge
-Possible removal
-Restrictions
-Free-floating currency
-Transitional period
-Advantages for free market
-Deputy Prime Ministers of economics
-Group of Ten
-Revaluation
-Removal
-Reciprocal action by Europeans
-Transition period
-Free floating currency
-Reactions by foreign countries
-Risks
11
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-Problems
-Re-alignment
-Amount
-Surcharge
-Changing price of gold
-Reasons
-Re-alignment
-Yielding by individual countries
-Transitional float
-Changing price of gold
-Removal of import surcharge
-Re-alignment
-Market determination
-Country determination
-Japanese yen
-Canadian dollar
-German mark
-French franc
-Transitional period
-Reactions
-Risk involved
-Yen compared to the dollar
-Percent
-Control of float
-German mark
-US position
-Changes in administration
-Import surcharge
-Removal
-Free floating currency
-Capital controls
-Reactions in foreign market
-Stopping compared to starting controls
-European countries
-Intelligence
-Relations with US
-Comparison with US
-US proposal
-European Finance Ministers' possible reaction
-Acceptance of conditions
-More conditions
12
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-Quotas
-Tariffs
-Quotas
-Oil import problems
-Textiles
-Steel
-Agricultural commodities
-European nations
-Gold price
-William Proxmire's views
-House of Representatives
-Henry S. Reuss
-Capitol Hill
-Reservations of price of gold
-Debates
-Increase of price
-Amount of money
-Percentage
-Rewards to producers, speculators
-South Africa
-Soviet Union
-France
-Official price
-Date
-Current price
-Charge
-Date
-Impact
-Bargaining position
-US interests
-Price of gold
-Economic significance
-Political significance
-European position
-Need to de-emphasize
-US position
-Proposed solution
-Rogers
-Stans
-Burns's role
-United front
13
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-French
-Germany
-Japan
-Possible conversation with Burns or Connally
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FOREIGN AFFAIRS
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US international policy
-Germany
-Relationship with US
-Conversations with Burns
-Europeans
-Relationship with Japan
-Henry A. Kissinger
-Willy Brandt
-Berlin
-Japan
-Conversation with Earl Of Cromer
-US policies toward Britain
-South Africa
-Rhodesia
-Edward R.G. Heath
-Conversation with Cromer
-Jordanian crisis
-Great Britain's position
-Relations with US
-Common Market
14
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-European Common Market
-Great Britain
-The President’s comments during 1969 trip to Europe
-Economic aspect
-Political future
-Germany
-France
-Italy
-Political responsibility
-Position in Common Market
-United trading unit
-Number of people
-Political issue
-US position
-Importance
-Relationship with Great Britain
-Economic and political considerations
-France
-Gen. Charles A.J.M. De Gaulle
-Georges J.R. Pompidou
-Connally's conversation with Kissinger
-Great Britain
-France
-Germany
-Japanese
-US position
-Relationship of politics and economics
-Time frame for Common Market
-January 1973
-France
-Decision
-Decision
-International political considerations
-US domestic political scene
-1972 elections
-Cabinet Room conversation
-Anti-foreigner attitude
-US interests
-US deal
-Timing
-Importance
15
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-Possible speech by President
-Connally
-President's remarks
-Reception
-Governors' attendance
-President's knowledge
-Connally's knowledge
-Possible reactions by foreign economic ministers
-US domestic scene
-President's effectiveness in comparison to foreign economic
scene
-IMF
-Television coverage
-Type of impact
-US domestic issues
-Connally
-Burns
-President's appearance
-Remarks
-Central Bankers of Group of 10
-Dinner given by Burns
-Private dinner
-Burns's home
-Unknown person
-Meetings with Burns
-Previous Cabinet meeting
-Time factor
-David N. Packard
-World governed by reason
-Emotions
-Foreign countries
-Interests
-Trade
-Business pressures
-Political problems
-Central Bankers' analysis
-Recession
-Japan
-Recession
-Germany
-Recession
16
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 578-4 (cont.)
-Recession
-Inflation
-International recession
-US role
-Europe and Japan
-Inflation
-Comparison to US
-US anti-inflation policy
-Type
-Comparison to other countries
-Report to President
-Quadriad meeting
-Report from Burns to President
Connally's schedule
-J. William Fulbright
John Foster Dulles
Connally left at 10:27 am.
Burns's schedule
-White House dinner for Japanese
-Haldeman's conversation with Burns
-Rogers
-Burns's attendance
-Invitations
-State Department
-Japanese
-Breakfast meetings
-Japanese
Burns left at 10:29 am.