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Conversation 002-078

TapeTape 2StartTuesday, May 4, 1971 at 7:46 PMEndTuesday, May 4, 1971 at 7:47 PMTape start time03:00:52Tape end time03:02:19ParticipantsNixon, Richard M. (President);  Connally, John B.Recording deviceWhite House Telephone
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.

International Monetary PolicyExchange RatesBalance of PaymentsWest GermanyJohn Connally
AudioNARA 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.
                                              45

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                         (rev. 9/08)




     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 was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

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.
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