Conversation 002-082

TapeTape 2StartTuesday, May 4, 1971 at 8:08 PMEndTuesday, May 4, 1971 at 8:10 PMTape start time03:05:04Tape end time03:07:30ParticipantsNixon, Richard M. (President);  Burns, Arthur F.Recording deviceWhite House Telephone

On May 4, 1971, President Richard M. Nixon and Arthur F. Burns talked on the telephone from 8:08 pm to 8:10 pm. The White House Telephone taping system captured this recording, which is known as Conversation 002-082 of the White House Tapes.

Conversation No. 2-82

Date: May 4, 1971
Time: 8:08 pm - 8:10 pm
Location: White House Telephone

The President talked with Arthur F. Burns.

     John B. Connally's statement on monetary policy
          -Revaluation
          -Burns’ conversation with foreign official
          -Crisis

     International monetary situation
           -Paul A. Volcker
           -Paul W. Mccracken
           -Administration's possible policy
           -Plan
           -Burns’ forthcoming call to Connally
           -Quadriad meeting
                                               47

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                          (rev. 9/08)

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 Do not cite this transcript as authoritative.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?
Hi, Arthur.
Yes.
Yes.
Yes, yes.
You got a hold of him?
Yeah, he told me.
Yeah.
Yeah.
Good.
Good.
Good.
Good.
Good.
Good.
Good.
Good.
Good.
Good.
Now the other thing, Arthur, is just that on another subject, I think you
And Volcker, you have confidence in him, haven't you?
All right.
Now, you and Volcker and McCracken and the other people know things about this.
We've got to grapple with this damn thing of the international monetary thing.
Set a plan, decide what we want, and let's grapple with it now.
You don't think so?
I don't mean this week, but I...
You'd rather keep staving it off?
I would.
If I could shape the world, I would stave off until November 17 and then go to work promptly.
What?
I'd go to work immediately.
On the plan.
Because I don't know what to do.
Right.
I get it.
Okay.
Well, we'll have to play it by ear.
Yeah, but in the meantime, let's get a plan together.
Because we've been living with this for two and a half years.
Okay.
That's right, that's right.
Well, this is fine.
I'm awfully glad you called him.
Did you report, did you tell Connolly about your call?
No, no, I don't know.
Call him and let him know, will you please?
Yes, I will.
Good, Arthur, good.
We've worked well together.
Good, and we'll have another meeting of the quadriads, probably.
I can listen to the conversation.
Good.
Good.
And he said he would resign if they went the other way.
Good.
Good.
Fine.
Thanks for calling.