Conversation No. 624-20

Date: November 24, 1971
Time: 11:46 am - 12:27 pm
Location: Oval Office

The President met with John B. Connally and Arthur F. Burns; the White House photographer
was present at the beginning of the meeting.

     Greetings

The White House operator talked with the President at 11:46 am.

[Conversation No. 624-20A]

[See Conversation No. 15-137]

[End of telephone conversation]

     The President's schedule
          -Previous meeting

     Seating arrangements
          -Motion picture coverage of meeting

     The President's previous speech to American Federation of Labor-Congress of Industrial
           Organizations [AFL-CIO] convention
          -Press coverage
               -The President's demeanor
          -Jews
               -Political preferences
               -Conversations with Burns
                      -George Meany
                      -The President's previous speech to AFL-CIO convention
          -Meany
               -Oath of office
                      -Burns’s view
                                        31

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                                Conv. No. 624-20 (cont.)


The President's schedule
     -Luncheon meeting
     -Burns, Henry A. Kissinger, George P. Shultz and Connally
          -Peter G. Peterson
     -Forthcoming foreign visits and visitors
          -Georges J.R. Pompidou
                 -Timing
                 -Forthcoming meeting with Willy Brandt
          -Emilio Garrastazu Medici
          -Pompidou
          -Edward R.G. Heath
          -Brandt
          -The President's forthcoming trips to People's Republic of China [PRC] and
                 Soviet Union
          -International monetary situation
                 -Finance ministers
                 -Connally and William P. Rogers
          -Purpose of meetings
                 -Finance ministers
          -The President's forthcoming trips to PRC and Soviet Union
          -Kissinger’s view
          -Valery Giscard D'estaing
          -Anthony P. Lysberg, Lord Barber
                 -Heath
          -Karl Schiller
                 - Brandt
          -Timing of announcements
          -Japan
                 -Connally’s previous meeting

International monetary situation
      -Forthcoming meeting of the Group of Ten
           -Gold
                 -Price
                 -Convertibility
                 -Forthcoming luncheon
                       -Kissinger's views
      -Previous meeting between Connally and Burns
                                         32

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                 Tape Subject Log
                                   (rev. 10/06)
                                                                Conv. No. 624-20 (cont.)


Herbert Stein
     -Role with administration
           -Heath

The President's visit to Washington Redskins practice session
     -Joe Garagiola
          -Comments regarding visit

International monetary situation
      -Currency realignment
      -Import surcharge
      -Currency realignment
      -Public relations
      -Negotiation strategy
           -Currency realignment
      -Gold
           -Connally’s view
                  -France
                  -International Monetary Fund's [IMF] possible action
                  -Special Drawing Rights [SDRs]
                  -European Economic Community [EEC]'s possible action
                  -Connally's forthcoming meeting in Rome
           -Burns’s view
           -IMF
                  -Congress
           -Congress
           -Convertibility
                  -IMF reserve assets
                        -Burns’s view
      -Currency realignment
           -Malaysia
           -IMF
           -SDRs
           -Importance
                  -The Presidents view
                  -Political benefits
                  -Agriculture
      -West Germany
           -Offsets
           -Trade
                  -Offsets
                                               33

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                     Conv. No. 624-20 (cont.)


                      -Kissinger's views
          -Japan
               -Offsets
                     -Connally’s view
          -Burden-sharing
               -Timing of negotiations
               -Negotiation strategy
          -Stock Market
          -Connally's forthcoming meeting in Rome
               -The President's forthcoming meetings
                     -Announcements
          -The President's meeting with Connally and Burns
               -Statement to press
                     -Forthcoming meetings with leaders

An unknown man entered at an unknown time after 11:46 am.

     The President's schedule
          -Rogers

The unknown man left at an unknown time before 12:27 pm.

     National economy
          -Money supply
                -Burns's efforts
                -Peter M. Flanigan's calls to Wall Street bankers
                      -Letter writing campaign
                -Burns's promises
          -Stock market
                -Margin requirements
                      -Federal Reserve Board meeting
                            -Ronald L. Ziegler's statement
                                  -Possible effect
                                  -Possible alternative statements

     Federal Reserve Board [FRB]
          -Independence
                                             34

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                    Conv. No. 624-20 (cont.)


     The President's schedule
          -Rogers
          -Burns and Connally

Burns and Connally left at 12:27 pm.