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Conversation: 682-002

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Start Date: 10-Mar-1972 10:06 AM

End Date: 10-Mar-1972 10:36 AM

Participants:

Nixon, Richard M. (President)Connally, John B.Bull, Stephen B.Ehrlichman, John D.

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:07:42

Full Tape Conversation End Time: 00:41:51

682a.mp3

682b.mp3

NARA Description:

On March 10, 1972, President Richard M. Nixon, John B. Connally, Stephen B. Bull, and John D. Ehrlichman met in the Oval Office of the White House from 10:06 am to 10:36 am. The Oval Office taping system captured this recording, which is known as Conversation 682-002 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 682-2

Date: March 10, 1972
Time: 10:06 am - 10:36 am
Location: Oval Office

The President met with John B. Connally.

     Greetings

     George Meany
         -Health
         -Pay Board
         -Longshoremen
         -Productivity
         -George P. Shultz

     US economy
          -Money markets
              -Connally’s suggestions
                   -Exchange of US currency
                         -International monetary problem
                               -Tax evasion
                               -Organized crime
                               -Drugs

                            -Amnesty considerations
                                         2

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)



                     -Bureau of Engraving and Printing
                          -New currency
                                 -Electronic means of authentication
                                      -Counterfeiting
                     -Gangsters
                     -Drug dealers
                     -Mafioso
                          -John A. Volpe
                     -Tax evaders
                     -Banks
                          -Holders of foreign currency
                                 -Exchanges
                     -Exchanges
          -Clifford and Edith Irving case
                -$600,000
          -US corporations
                -Currency holdings overseas

Foreign Economies
     -France
          -Georges J.R. Pompidou, Valery Giscard D’estaing
                -Relations with the US
          -Previous money crises
                -Devaluation
          -US and French differences
                -Controls
                -Fixed parity
          -Philosophy and ideas in the European community
                -Pompidou
                     -American dollar
                            -Convertibility
                     -European common currency
          -Relations with Great Britain
                -Common Market
          -Relations with Belgium, Holland, Italy and West Germany
          -Relations with the US
                -Connally’s view
          -Money markets
                -Common European currency
          -Criticism of the US
                -World confidence in the dollar
                -Arthur F. Burns
                                    3

                NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)



            -Paul A. Volcker
      -Possible controls
            -European community
            -Exclusion of US dollar
            -Germany
            -Great Britain
            -Italy
            -Belgium, Holland, Switzerland
                   -Financial structure
                        -Connally’s view
-Possible European Community regulations and financial controls
      -Role of dollar
            -Possible exclusion
                   -Effect on US economy
            -Compared to several years ago
                   -Canada
            -Interest rates
            -Accumulation of dollars
            -Future role
-Possibility of US controls
      -Flow of capital
            -Short and long term
            -European role
            -Example given by Connally
                   -Outflow of capital
                        -Reduce outflow through controls
                              -Investment
                                    -Jobs
      -Controls
      -Prices and wages
      -Dollar outflow
      -Connally’s forthcoming talks to Shultz, Burns, Herbert Stein
            -The Presidents view
                   -Ramifications of possible leak
                   -Study groups
-International monetary problems
      -Europe
      -Political and diplomatic aspects
            -US position in world
                   -Treasury, State and Defense departments
                        -Monetary maneuvers
                        -Reluctance of agencies
                                        4

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)



                     -British
                           -Political situation
                     -Move towards common market
                     -People’s Republic of China [PRC], Soviet Union
          -Europe
                -France
                      -Relations with the US
                            -Connally’s view
                                 -Danes
                                 -Belgians
                                 -Dutch
                                 -Danes
                                 -British
                                 -Germans
                                       -East-West
                                 Italians
                                       -Role in European Community
                                             -Dealings with the US
          -Connally’s work on economics
                -Shultz
                -Burns
                      -Convertibility
                      -Bonn[?]
                      -Paris
                -Henry A. Kissinger
          -Canada
                -The Presidents forthcoming trip
                      -Connally’s view
                            -Trade
                            -Special Drawings Rights [SDRs]
                                 -State and Defense Departments
                      -Cabinet participation
                            -Rogers
                            -Compared to previous meeting with French
                                 -Connally
                            -David M. Kennedy
                            -Protocol visit
                            -Timing
US economy
     -Exchange of all US currency
          -People’s concerns
          -Staff consideration
                                                5

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)



                -Las Vegas
                -Drugs, crime, tax evasion
                     -American people
                -Possible evidence for prosecution
                     -Internal Revenue Service [IRS] role
                -The President’s view
                     -Politicians
                           -Example of William E. Borah [?]

     Connally’s schedule
         -Forthcoming busing meeting

     International Telephone and Telegraph [ITT] case
           -President’s anti-trust policy
           -Press coverage
                 -Richard Kleindienst
           -Vice President Spiro T. Agnew
                 -John N. Mitchell
           -Witnesses
                 -The President’s experience as an investigator
                       -House Un-American Activities Committee
                 -Hearsay
                       -Alleged phone call from the President
                             -Mitchell
           -Securities and Exchange Commission [SEC] file
                 -Connally involvement
           -Mitchell testimony
           -Agnew

Stephen B. Bull entered at an unknown time after 10:06 am.

     The President’s schedule
          -Meeting with John D. Ehrlichman

Bull left at an unknown time before 10:36 am.

     ITT case
          -Connally’s advice
          -Democrats role
               -Convention
                     -Money
          -Kleindienst
                                              6

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)



                -Settling the case
                      -Unknown man
                            -John F. Kennedy
                      -Money involved
          -Supreme Court
          -Kennedy
          -Kleindienst
          -Jack N. Anderson
          -Richard W. McLaren
          -Connally’s advice
                -Television
                      -Kleindienst, McLaren
                            -Response
                                  -Strategy
                                  -White House
                                  -Agnew
                                        -Possible spokesman
                                  -Brit Hume
                                        -Dita D. Beard
                                  -Agnew
          -Divested companies
                -Food service
                      -Sheraton Hotel
                -Avis
          -Role in convention
          -Democrats role
          -Contributions

Connally left and Ehrlichman entered at 10:36 am.

     Aging issue meeting
         -Social Security issue
         -Prescription drugs issue
               -Medicare
         -Document for the President to read
         -Cabinet Committee recommendations
               -Shultz
                     -Cost concerns
         -Ehrlichman’s talk with Connally
               -20% Social Security increase
                     -Troika
         -Elliot L. Richardson and Arthur S. Flemming
                                                 7

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                        Tape Subject Log
                                          (rev. 10/06)



                -Budget
                     -Political implications
           -Flemming
           -Recommendations to the President
                -20% Social Security increase
                     -Possible veto
                     -Budget
                           -Conservatives and moderates
                                 -View of deficit
                           -Political expense
                                 -Aged persons problems

     Busing meeting
          -Cabinet Committee and lawyers
          -Length
               -Report to be delivered
          -Lawyers present
               -[Robert H. Bork]
                    -Yale University

The President and Ehrlichman left at 10:40 am.