President Nixon and Federal Reserve Chairman Arthur F. Burns discussed the escalating international monetary crisis and the need for the administration to formalize a concrete policy strategy. Nixon pushed Burns, Paul Volcker, and Paul McCracken to develop a proactive plan rather than continuing to delay action, despite Burns' preference for postponing significant changes until later in the year. The President directed Burns to coordinate with Treasury Secretary John B. Connally regarding their ongoing communication with foreign officials.
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.
Nixon Library Finding AidConversation 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
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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 Do not cite this transcript as authoritative.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.