Conversation: 570-004
Prev: 570-003 Next: 570-005Start Date: 11-Sep-1971 12:07 PM
End Date: 11-Sep-1971 12:53 PM
Participants:
Nixon, Richard M. (President); Connally, John B.; Burns, Arthur F.; Warren, Gerald L.; Bull, Stephen B.;Recording Device: Oval Office
Full Tape Conversation Start Time: 01:05:43
Full Tape Conversation End Time: 01:52:02
NARA Description:
On September 11, 1971, President Richard M. Nixon, John B. Connally, Arthur F. Burns, Gerald L. Warren, and Stephen B. Bull met in the Oval Office of the White House from 12:07 pm to 12:53 pm. The Oval Office taping system captured this recording, which is known as Conversation 570-004 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 570-4
Date: September 11, 1971
Time: 12:07 pm - 12:53 pm
Location: Oval Office
The President met with John B. Connally and Arthur F. Burns: this recording began at an
unknown time while the meeting was in progress.
Press briefing
-Economic briefings
-Governors
-Cost of Living Council [COLC]
-Special interest groups
-Consumers
-COLC
-Meeting with Connally
-Interest groups
-Date
Gerald L. Warren entered at 12:10 pm.
Press
-Reporters
-Briefing arrangements
17
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Warren left at 12:11 pm.
US economy
-COLC
-Progress
-Phase II
-Various options
-Business groups
-Agriculture groups
-Congress
-Planning
-Direction of administration
-Announcement
-Commitment to course of economic action
-Follow-up plan
-Speech
-Question of voluntary action
-Sanctions
-General principles
-Freeze
-Thaw concept
-Herbert Stein, Arnold R. Weber
-Action by the administration
-Congress
International economy
-European markets
-Dual exchange
-Free market
-Free exchange market
-Sanctions
-Investments
-Promotions
-Trading
-Exchange rate
-US
-Europe
-Japan
-France
-Belgium
-Switzerland
18
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
-Great Britain
-Burns's forthcoming trip to Europe
-West Germany
-Position in world economy
-Burn’s strategy
-New controls
-Capital
-List of countries
Connally left at an unknown time after 12:07 pm.
US-Japanese relations
-Meeting with Burns
-Recent visit
-Dinner
-Currency revaluation
-Tax
-Percent
-Exports of US
-Total percentage
-Wider exchange
-Tourism
-Number of Japanese tourists in Hawaii
-Comparison to US tourists in Japan
-Guam
-Hawaii
-Number of Japanese tourists
-Comparison to mainland US tourists to Hawaii
-Expense
-Visitors from US mainland
-Japanese
-Number
Connally entered at an unknown time before 12:53 am.
International economy
-Projected action by other countries
-Export business
-Politics
-Possible problems
19
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
-International monetary system
-US responsibility
-Hypothetical situation
-Realignment
-Effects on other countries
-Price of gold
-Possibility of price fluctuations
-Position of other countries
-Possibility of reduction of official price of gold in foreign currency
-Realignment of currency
-Exports
-Imports
-Effect of political situation in other countries
-Price fluctuations
-Percentage
-Dollars per ounce
US economic policy
-The President's conversation with Connally and Burns
-Paul A. Volcker
-Politicians
-Connally’s breakfast with unknown person
-The President's knowledge of economics
-Role of experts
-Price of gold
-Floating exchange rate
-Two tiers
-Standard depreciation rate [SDR]
-Experts
-Connally, Burns
-Paul W. McCracken, George P. Shultz
-Technical aspects
-Election in November, 1972
-US responsibility to the world
-Impression of office of the Presidency
-Past twenty-five year history of the US
-[Welfare] role
-US interests
-US interests
-Attitude toward US by foreign countries
-1960's
20
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
-Dwight D. Eisenhower administration
-Vietnam War
-Japan
-The President's conversation with Finance Minister Takeo Fukuda
-Okinawa reversion issue
-Senate ratification
-Eisaku Sato
-Textile issue
-Exchange rate of Japanese yen
-Friendship with the US
-Peace
-Attitude of US population
-Handling of issues
-Textiles
-Okinawa
-Japanese national defense
-Investment, Trade balance, exchange rates
-Perceptions
-Great Britain
-Price of gold
-Exchange
-Call to the President from Connally
-San Clemente
-Edward R.G. Heath
-British interests
-Rolls-Royce
-Lockheed bailout
-Handling of international economic relations
-Henry A. Kissinger
-Great Britain
-West Germany
-Willy Brandt
-Berlin Agreement
-State Department
-Kissinger
-Anatoliy F. Dobrynin
-Ambassador [David] Kenneth Rush
-The President’s role
-Meeting with Christian Democrat [Rainer C. Barzel]
-Berlin
-Access
21
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
-Relations between East and West Germany
-Brandt
-Agreement and political views
-Okinawa reversion
-Sato
-Relations with the US
-US options
-French
-Georges J.R. Pompidou
-Possible meeting
-US-French relations
-State Department
-Gen. Charles A.J.M. De Gaulle
-Funeral
-Italy
-Netherlands, Belgium
-US interests
-The President’s speech before Congress, September 9, 1971
-European markets
-Japanese market
-US needs
-Possible effects
-Possible strategy
-The President's record
-Greek-Turkish bill
-Marshall Plan
-[Christian A.] Herter Committee
-Reciprocal trade
-Foreign aid
-World responsibility
-People’s Republic of China [PRC] trip
-Political atmosphere
-Type of politics
Stephen B. Bull entered at an unknown time after 12:07 pm.
Charles G. ("Bebe") Rebozo
-H. R. (“Bob”) Haldeman
-Thelma C. (“Pat”) Nixon
-Camp David
22
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
Bull left at an unknown time before 12:53 pm.
US economic policy
-US interests
-International role
-Attitude of American people
-Perceptions
-Connally's knowledge
-Burns's expertise
-Monetary policy
-Political nature of issue
-Monetary policy
-Views of bureaucracy
-State Department
-Treasury Department
-Federal Reserve Board [FRB]
-Council of Economic Advisors [CEA]
-American people
-Isolationist tendencies
-Perceptions
-Middle East
-Vietnam War
-Reaction to import surcharge
-Attitude of American people
-Wage and price freeze
-The President’s September 9, 1971 speech
-The President's administration
-Responsibility to American people
-Political background
-West Germany
-Anecdote
-Israel
-Comparison to Japan and Germany
-Europe
-Troop withdrawal
-US responsibility
-Surcharge
-Price
-Present time
-Time of year
-Effect of surcharge
23
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
-Responsibility
-Effects of US economics on world
-Action
-World peace
US foreign policy
-International order
-The President’s talk before the Academy of Political Science
-US relations with other countries
-Monetary issue
-Trade
-Reaction
-Restrictions
-US relations with foreign countries
-Strategy
-State Department
-Responsibilities of other countries
-Japan
-Responsibilities of US leadership
-Previous examples of Roman and British Empires
-Political opponents
-Role compared to officeholders
-Isolationism
-Mansfield amendment
-Vietnam
-Europe
-The President's role
-US interests and priorities
-US responsibility
-Drain on resources
-US role
-Position in world
-Aid to US
-Japan
-Surplus
-Reserves
-Connally’s conversation with the Finance Minister
-British
-Fixed exchange rate for the US
-Tariff Agreements
-Non-tariff Agreements
24
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)
-US relations with free world
-US position
-International Monetary Fund [IMF]
-Japan
-Prices
-US responsibilities
-Return to old system
-Opposition by President
-Import surcharge
-Previous meetings with Takeo Fukuda, Kakuei Tanaka
-US relations
-The President's strategy
-Connally and Burns
-Trips to Europe
-CEA
-Contemplation of problem
-Policy directions
-Bureaucracy
-State Department
-Phillip H. Trezise
-Responsibilities and roles
-New ideas
-Asia
-Vietnam
-People's Republic of China [PRC]
-Soviet Union
-Bargaining
Cabinet meeting
Connally and Burns left at 12:53 pm.