Conversation: 491-023
Prev: 491-022 Next: 491-024Start Date: 5-May-1971 10:30 AM
End Date: 5-May-1971 11:27 AM
Participants:
Nixon, Richard M. (President); [Unknown person(s)]; Peterson, Peter G.; Flanigan, Peter M.;Recording Device: Oval Office
Full Tape Conversation Start Time: 03:20:32
Full Tape Conversation End Time: 04:07:32
NARA Description:
On May 5, 1971, President Richard M. Nixon, unknown person(s), Peter G. Peterson, and Peter M. Flanigan met in the Oval Office of the White House from 10:30 am to 11:27 am. The Oval Office taping system captured this recording, which is known as Conversation 491-023 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 491-23
Date: May 5, 1971
Time: 10:30 am - 11:27 am
Location: Oval Office
The President talked with an unknown person.
John B. Connally’s location
Peter G. Peterson and Peter M. Flanigan entered and the unknown person left at 10:30 am.
Japan
-H.R. (“Bob”) Haldeman's memorandum
-David M. Kennedy
-Mission
-Possible US position
-Time
-Congress
-Japanese position
-Yen
-Value
-Treasury Department
-President’s forthcoming meeting
-Monetary crisis
-Automobiles
-Peterson's meeting with Lee A. Iacocca
-Ford's position
-State Department
-U. Alexis Johnson
-Defense Department
-Commerce Department
-Connally
-Protectionism
-Steel, automobiles, computers
-Commodities
-Peterson's schedule
-Business Council
-Speech
-Steel
-Possible US strategy
-Textiles
36
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-US industries
-Automobiles
-Toyota
-Ford
-West Coast
-Imports
-Market share
-Negotiations
-Japanese position
-Trade and investment restrictions
-Yen
-Economists
-Views
-Long-range US economic goals
-Industries
-Trade
-Security
-Balance of power
-Planning
-Guidelines
-Legislation
-Requirements
-Congress
-Open market
-Protectionism
-Raw materials
-Technology
-Labor
-Korea, Taiwan
-Competition with US
-US economic goals
-Automobiles
-Europeans
-Concerns
-Negotiations
-Restrictions
-Japanese exports
-People’s Republic of China [PRC]
-Free markets
-Analogy
-Unilateral disarmament
-Japanese position
37
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
******************************************************************************
BEGIN WITHDRAWN ITEM NO. 1
[National Security]
[Duration: 31s ]
Conv. No. 491-23 (cont.)
JAPAN
END WITHDRAWN ITEM NO. 1
******************************************************************************
-US options
-US economic policy
-Exports
-US embassy personnel
-Marshall Green
-Armin H. Meyer
-Ambassador
-Economics office
-Customs office
-State Department
-Long-range US economic goals
-Study
******************************************************************************
BEGIN WITHDRAWN ITEM NO. 4
[National Security]
[Duration 10s ]
JAPAN
END WITHDRAWN ITEM NO. 4
38
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
******************************************************************************
-Gross National Product [GNP]
-Investments
-US economic policies
-GNP
-Investments Conv. No. 491-23 (cont.)
-Germans
-Defense
-Treasury Department
-PRC and Union of Soviet Socialist Republics [USSR]
-GNP
-PRC and Japan
-Trade
-PRC
-US
Peterson's briefing concerning US competitive position
-Charts
-Reaction
-Audience
-Office of Management and Budget [OMB]
-National Security Council [NSC]
-Congress
-Clark MacGregor
-Consensus
-Business Council
-Timing
-Schedule
-Maurice H. Stans
-Connally
-George P. Shultz
-Labor
-Shultz
-National Commission on Productivity
-George Meany
-American Federation of Labor-Congress of Industrial Organizations
[AFL-CIO]
-President’s forthcoming meeting with Meany
-Questions
-Complexity
39
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-US long-range plans
-Vietnam
-Charts
-Press
-Coverage
-Comprehensive nature
-Experts
-Television Conv. No. 491-23 (cont.)
-Audience
-Educational television
-Possible speech by President
-Duration
-Highlights
-Charts
-Forthcoming White House conference
-Business and labor in 1990
-Timing
-Audience
-Labor
-Bipartisanship
-Japan
-Work
-John A. Scali
-Audience
-Television
-Radio
-Press
-Peterson's possible role
-Facts
-Briefing aspects
-Possible speech by President
-President’s view of future
-Policy guidelines
-Charts
-Radio
-Briefing
-Henry A. Kissinger
-Peterson's possible role
-Senators and Congressmen
-Audience
-Possible speech
-Senators and Congressmen
40
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-President and Peterson
-Roles
-East Room
-State Dining Room
-Timing
-Cabinet
-Impact
-Length Conv. No. 491-23 (cont.)
-Points
International monetary conditions
-Schedule
-Possible US response
-Gold
-Paul A. Volcker
-Meeting with Peterson
-Exchange rates
-Connally
-Gold
-US stock market
-Volcker
-US investors
-Impact on US
-Concerns
-Sales
-Consumer price index [CPI]
-Dutch
-Germans
-Europeans
-Controls on US investments
-Germans
-Common market
-Exports
-Controls
-Exchange rates
-Japanese
-Floating
-Dollar
-European bankers
-Arthur F. Burns
-Dollar
-Dollar
41
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Weakness
-Interest rates
-Bankers
-US balance of payments
-Interest rates
-Bankers
-David Rockefeller
-US economy Conv. No. 491-23 (cont.)
-Interest rates
-Dollar
-Deutsche mark [Dm]
-Burns
-Fiscal restraints
-Europe
-Control on investments
-Restrictions
-Dollar
-Possible floating
-Impact on negotiations
-Dollar
-Numbers
-Federal Republic of Germany [FRG]
******************************************************************************
BEGIN WITHDRAWN ITEM NO. 2
[National Security]
[Duration: 17s ]
GERMANY
END WITHDRAWN ITEM NO. 2
******************************************************************************
-Dm
-Revaluation
-Volcker
42
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Burns’ call to Karl Klasen
******************************************************************************
BEGIN WITHDRAWN ITEM NO. 5
[National Security]
[Duration: 5s ] Conv. No. 491-23 (cont.)
GERMANY
END WITHDRAWN ITEM NO. 5
******************************************************************************
-President's schedule
-Meetings
-Volcker
-International bankers
-Yen, guilder
-Possible US position
-Exchange rates
-Floatation
-Crisis
-Press
-Crisis
-Dollar
-Domestic reaction
-Federal Reserve Board [FRB]
-Schedule
-President’s possible statement
-Confidence
-Connally and Paul W. McCracken
-Connally's role
-Schedule
-Gold
-US position
-Price
-Europe
43
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Negotiations
-Exchange rates
-Connally
-Schedule
-US position
******************************************************************************
Conv. No. 491-23 (cont.)
BEGIN WITHDRAWN ITEM NO. 6
[National Security]
[Duration: 40s ]
GERMANY
END WITHDRAWN ITEM NO. 6
******************************************************************************
-Connally
-Role
-Statement
-Schedule
-Timing
-Attendees at meeting
-Quadriad
-Triad
-Peterson, Volcker, Flanigan
-Burns
-Timing
Peterson's briefing
-Possible speech
-Congressmen
Japan
-Haldeman
-Press
44
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Signals
**********************************************************************
BEGIN WITHDRAWN ITEM NO. 3
[National Security]
[Duration: 28s ] Conv. No. 491-23 (cont.)
JAPAN
END WITHDRAWN ITEM NO. 3
**********************************************************************
Ezra Solomon
-Council of Economic Advisors [CEA]
President's schedule
-Wedding plans
Peterson, and Flanigan left at 11:27 am.