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Conversation: 580-005

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Start Date: 29-Sep-1971 10:33 AM

End Date: 29-Sep-1971 11:15 AM

Participants:

Nixon, Richard M. (President)Schweitzer, Pierre-PaulConnally, John B.Burns, Arthur F.White House photographerBull, Stephen B.

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:26:09

Full Tape Conversation End Time: 01:09:35

580a.mp3

580b.mp3

580b_i.mp3

580c.mp3

NARA Description:

On September 29, 1971, President Richard M. Nixon, Pierre-Paul Schweitzer, John B. Connally, Arthur F. Burns, White House photographer, and Stephen B. Bull met in the Oval Office of the White House from 10:33 am to 11:15 am. The Oval Office taping system captured this recording, which is known as Conversation 580-005 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 580-5

Date: September 29, 1971
Time: 10:33 am - 11:15 am
Location: Oval Office

The President met with Pierre-Paul Schweitzer, John B. Connally, and Arthur F. Burns at 10:33
am; the White House photographer was present at the beginning of the meeting.

     Greetings

     Seating arrangements

     The President's speaking appearances
          -Europe
          -Washington, DC

     The President's trip
          -Anchorage, Alaska
               -[Emperor of Japan] Hirohito
                      -Historic significance of trip to Alaska

Manolo Sanchez entered at an unknown time after 10:33 am.

     Refreshments
          -Coffee
          -Tea

Sanchez left at an unknown time before 11:15 am.

     Emperor Hirohito and Empress Nagako
         -Speaking English at meetings
              -Comparison of speaking versus comprehending a language
              -Thelma C. (“Pat”) Nixon
              -Translation
                    -Benefits
         -Takeo Fukuda

     [Photograph session]

     Japan
                                        7

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                                 Conv. No. 580-5 (cont.)


     -Trip to the US by Emperor of Japan
           -Herbert Stein's comment
                 -Council of Economic Advisors [CEA]

US economic policies
     -Phase II
          -Forthcoming meeting
                -Preparation
                      -Amount of material
                -Date
     -Remarks by Connally and Burns
          -The President's support
          -International Monetary Fund [IMF]

International economic relations
      -US position in the world
           -US State Department views
                 -Negotiations
           -Options on stance
           -Opposing views of UD international economics
                 -Isolationism
                       -Senate and House elections
                 -International trade
                       -Labor unions
                 -New York
                       -Businessmen
                 -Isolationist tendencies
                 -Leadership role of the US
                       -Need for support by the public
           -The President's previous meeting with Paul G. Hoffman of the United Nations
                 [UN]
                 -US financial support for the UN
                 -Herter Committee
                 -Marshall Plan
                 -Reciprocal trade
                       -Policies
      -Cold War era after World War II
           -US position
                 -Korean War
                 -Vietnam War
           -US foreign aid as issue
                                      8

                NIXON PRESIDENTIAL MATERIALS STAFF

                             Tape Subject Log
                               (rev. 10/06)
                                                                 Conv. No. 580-5 (cont.)


             -Banking, loan analogy
-US position in the world
      -Potential problems
      -World responsibilities
      -Speakers for the US
             -Types of statement
      -Isolationism
             -Economic strength of the US
             -US economic policy
             -Negotiations
                   -US contributions
                          -Defense
                          -Foreign aid
             -New York bankers
-US position politically as well as economically
      -Types of negotiations with foreign countries
      -Prime Minister Edward R.G. Heath
      -European economic community
      -West Germany
             -Willy Brandt
                   -Berlin Agreement
             -Inflation
      -Georges J.R. Pompidou
      -Italy
             -Political situation
      -Japan
             -Comparison to West Germany
                   -Effect of post World War II status
-Political problems around the world
      -Japan
      -Germany
      -Britain
      -France
      -Political situations
             -Feelings towards the US
                   -Possible position of foreign countries in the world
-US position twenty-five years earlier
      -Eisenhower administration
      -Changes in the US
-US position in the world
      -Responsibility
                                           9

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                 Tape Subject Log
                                   (rev. 10/06)
                                                          Conv. No. 580-5 (cont.)


           -New economic system
           -Competition within the world

Multinational organizations
     -UN
     -IMF
     -Interests of each foreign country
     -Potential effect of monetary chaos
           -Negative results in world and in the US

International economy
      -US position
           -Need for change
           -US interests
                 -Defending interests
                       -Method of defending interests
           -Public compared to private statements
           -Schweitzer's actions and statements
                 -Criticism of the President
      -Convertibility
      -Import surcharge
           -The President's speech
           -Negotiation
      -IMF
           -US role
      -The President's august 15, 1971 speech
           -Schweitzer's reaction
      -Convertibility
           -Questions directed to Schweitzer
                 -Handling
                 -Achievement of US trade goals
                 -Currency realignment
           -Effect of policies
                 -Heath, Pompidou
                 -Dollar as reserve currency
                       -US position on monetary reform
                       -Special drawing rights
                 -Schweitzer's term of office
                       -Comparison to the president
                 -Price of gold
                       -France
                                                10

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                       Conv. No. 580-5 (cont.)


                           -World currencies
          -Resolutions by the IMF
          -US policy
               -Views of other countries
               -State Department
               -Latin America
               -Africa
               -France
               -UN compared with IMF
                     -Developing nations
                     -Balance of payments
                           -Negotiations
                                 -Importance to US compared with importance to them
          -Role of major industrial nations
               -Group of Ten
               -Political power
               -Schweitzer's goals and actions
                     -Criticisms
                           -Perception of IMF
                                 -Anglo-Saxon institution
          -The future
               -Burden-sharing

Stephen B. Bull entered at an unknown time after 10:33 am.

     The President’s schedule

Bull left at an unknown time before 11:15 am.

          -Non-tariff barriers, trade
          -Monetary affairs
               -Burns
               -Monetary system
               -Past monetary crises
                     -Dwight D. Eisenhower
                     -Causes
               -Britain
               -France
               -Germany
               -US
                     -Responsibility in the world economic situation
                                              11

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                         Conv. No. 580-5 (cont.)


           -Schweitzer
                -Responsibilities
           -The President's role
                -Responsibilities
                       -Political and diplomatic
                             -Meeting with Andrei A. Gromyko
                             -Meetings with officials from the People's Republic of China [PRC]
                                   and the Union of Soviet Socialist Republics [USSR]
                             -North Atlantic Treaty Organization [NATO] nations
                             -Europeans
                             -Latin America
                -Political considerations
                       -Confrontation vs. negotiation
           -Conflicts on monetary issues
           -Future of the free world
                -Europe
                -United Europe
                -Common market
                       -Great Britain
                -US
                -Japan
                       -Competition with the US
                       -Strength in economics and politics
                       -The PRC
           -Schweitzer's role
                -Stability
           -Negotiations
           -Cooperation
           -Press reports
                -Editorials
           -Schweitzer's role
                -U Thant's role in the UN
                -Relationship with the US

     The President's schedule
          -IMF colleagues

     Burns

Schweitzer, et al. left at 11:15 am.
                                              12

                         NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                       (rev. 10/06)
                                                                      Conv. No. 580-5 (cont.)