Nixon White House Tapes › Tape 2 › Conversation 002-078

Nixon phone call with Connally on International Monetary Policy

Tuesday, May 4, 1971 · 7:46 PM–7:47 PM ET · White House Telephone · 1 min

ParticipantsNixon, Richard M. (President); Connally, John B.Conversation002-078 on Tape 2 (tape position 03:00:52–03:02:19)StartTuesday, May 4, 1971 at 7:46 PMEndTuesday, May 4, 1971 at 7:47 PMRecording deviceWhite House TelephoneSourceNixon Library record for 002-078 ↗ · National Archives Catalog, NAID 417188117 ↗

AI Summary

President Nixon and Secretary of the Treasury John Connally coordinated the release of an official U.S. statement regarding international monetary policy in response to speculative currency movement in West Germany. The discussion focused on maintaining existing exchange parities and reasserting U.S. commitment to international economic stability and balance of payments objectives. Connally confirmed that the statement would be issued regardless of ongoing efforts to reach German officials.

Audio

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NARA Description

On May 4, 1971, President Richard M. Nixon and John B. Connally talked on the telephone from 7:46 pm to 7:47 pm. The White House Telephone taping system captured this recording, which is known as Conversation 002-078 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 2-78

Date: May 4, 1971
Time: 7:46 pm - 7:47 pm
Location: White House Telephone

The President talked with John B. Connally.

     US statement of international monetary policy
          -Exchange rates
          -Balance of payments
          -Connally's possible conversation with Federal Republic of Germany [FRG] officials

Transcript (AI-generated)

This transcript is incomplete. The transcription skipped stretches of speech — roughly 1 minute of this recording (about 49% of it) is represented by only a few words. Listen to the audio rather than relying on the text below; a corrected transcript is queued.

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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Hello?
Hello?
Hello?
Hi, John.
Sure, sure.
Taking note of the large speculated movement of funds in Germany today, Secretary of the Treasury John B. Coffey re-emphasized the view of the United States that no change to the present structure of the exchange parity is necessary or anticipatory.
The United States will continue to establish policies in cooperation with other countries maintaining the stability of the United Monetary System.
As necessary, the United States will prepare to raise additional funds through dollar markets and to assist with appropriate investment outlays for foreign-listed banks.
In pursuing our policies, a orderly, non-inflationary expansion of various pools of economic policy will be used in a flexible manner
due regard for external as well as internal reasons.
Very good.
Measures to improve the balance of payments will remain in high priority.
These measures are fully compatible with our objectives at home.
Good, good, good.
Very well, you're knowledgeable.
Yep.
Great.
They're trying to locate these fellows on the phone.
Oh, you mean the Germans, yeah.
But you're going to issue that in any event?
Yes.
Fine.
Good deal.
Fine, John.
Good, good.

Also recorded on May 4, 1971

  • 002-074 4:20 PM · 3 min — President Richard M. Nixon and Walter E. Washington talked on the telephone from 4:20 pm to 4:22 pm.
  • 002-075 4:22 PM · 5 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 4:22 pm and 4:27 pm.
  • 002-076 4:29 PM · 4 min — President Richard M. Nixon and Richard G. Kleindienst talked on the telephone from 4:29 pm to 4:31 pm.
  • 002-077 4:31 PM · 4 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 4:31 pm and 7:46 pm.
  • 002-079 7:47 PM · 3 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 7:47 pm and 7:49 pm.
  • 002-080 7:49 PM · 3 min — President Richard M. Nixon and H. R. ("Bob") Haldeman talked on the telephone from 7:49 pm to 7:52 pm.
  • 002-081 8:02 PM · 8 sec — President Richard M. Nixon and the White House operator talked on the telephone at 8:02 pm.
  • 002-082 8:08 PM · 2 min — President Richard M. Nixon and Arthur F. Burns talked on the telephone from 8:08 pm to 8:10 pm.

All 35 conversations from May 4, 1971 →

Cite this conversation

Conversation 002-078, May 4, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives (NAID 417188117). Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/002-078 (accessed November 2, 2026).