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Conversation 006-183

TapeTape 6StartThursday, July 22, 1971 at 11:32 AMEndThursday, July 22, 1971 at 11:35 AMTape start time04:21:33Tape end time04:23:53ParticipantsNixon, Richard M. (President);  Connally, John B.;  Haldeman, H. R. ("Bob")Recording deviceWhite House Telephone
AI Summary

President Nixon directs Treasury Secretary John B. Connally to hold a private meeting with Paul McCracken to discuss sensitive international monetary issues and strategies for improving U.S. economic competitiveness. The President emphasizes the need to bypass other staff members, such as Paul Volcker and Arthur Burns, to obtain an objective assessment of potential revaluation options. Connally agrees to consult with McCracken independently and provide a candid evaluation of the explosive proposals.

U.S. monetary policyInternational competitivenessCurrency revaluationEconomic policyPaul McCrackenArthur F. BurnsPaul A. Volcker
AudioNARA Description

On July 22, 1971, President Richard M. Nixon, John B. Connally, and H. R. ("Bob") Haldeman talked on the telephone from 11:32 am to 11:35 am. The White House Telephone taping system captured this recording, which is known as Conversation 006-183 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 6-183

Date: July 22, 1971
Time: 11:32 am - 11:35 am

Location: White House Telephone

The President talked with John B. Connally; H.R. (“Bob”) Haldeman can be heard in the
background.

[See Conversation No. 542-4B]

     President's meeting with Paul W. McCracken
           -US competitiveness internationally
           -US monetary situation
           -Connally's forthcoming conversation with McCracken
           -Paul A. Volcker's position
           -Arthur F. Burns’ position
           -Revaluation
           -Strength of staff's views
           -Possible Connally meeting with McCracken
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 Do not cite this transcript as authoritative.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.
Yes, sir.
John.
Yes, sir.
I'm just completing a meeting with Paul McCracken.
Yes, sir.
And one of the subjects, a major subject that we've talked about that is extremely intriguing to me is with regard to our international competitive position, and it has to do, of course, with a part that we were not discussing, and that is our monetary thing, how we might do something there.
i would like if you would if you would talk to him yes sir but without your without volcker yeah you know in other words so that you get his view i don't know i don't know don't know what broker's position is i know burns would be opposed to
Burns just simply wants to raise the price of gold or something like that.
But the thing to me just sounds like something we ought to throw under the hopper to think about.
After you've had a chance to mull it over and then talk with people, then maybe we could talk.
But the thing is so damned explosive that he's talking about, or potentially, but it relates directly to the problem that you were talking about yesterday of getting America's products in a more competitive position.
Right.
And as you can imagine, it does involve some revaluation.
Right.
Would you mind doing that?
Oh, I'd be delighted.
Fine.
He and I have discussed it in general terms before.
Well, he and I just had a long talk.
That's great.
And I said, well, I think that you and, in fact, he suggested that he'd like to talk to you about it.
And I said, fine.
But then my view is, you see, his problem is, putting it very bluntly, there is in your shop,
and there is of course in mine and narker's in this particular field as you know there are people who are like the early christians i mean that's right they believe uh one way or another and and and they may be right and they may be wrong that's right but but i think you and i have got to be put ourselves in the top of this heap listen to everybody and then frankly uh
decide what we're going to be.
All right, sir.
And so do it with an open mind.
Oh, I will.
Don't you worry.
Okay.
I'll certainly do that and tell him I'll call him this afternoon and I'll come over to his place to do it or some other place.
Fine.
As opposed to doing it here.
All right, swell.
All right.
All right.
Fine.
Bye.
He said he'd call you this afternoon.
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