{"conversationCode":"016-111","tapeNumber":16,"conversationNumber":111,"identifier":"37-wht-conversation-016-111","startDateTime":"1971-12-18T18:40:00.000Z","endDateTime":"1971-12-18T18:46:00.000Z","startDate":"18-Dec-1971","startTime":"1:40 PM","endDate":"18-Dec-1971","endTime":"1:46 PM","dateCertainty":"certain","timeCertainty":"certain","participants":"Nixon, Richard M. (President); Connally, John B.;","description":"On December 18, 1971, President Richard M. Nixon and John B. Connally talked on the telephone from 1:40 pm to 1:46 pm. The White House Telephone taping system captured this recording, which is known as Conversation 016-111 of the White House Tapes.","locationCode":"WHT","recordingDevice":"White House Telephone","latitudeEstimated":38.89767,"longitudeEstimated":-77.03655,"chronCode":2,"chronRelease":"Second Chronological Release","chronReleaseDate":"26-Oct-2000","aogpRelease":null,"aogpSegment":null,"lastModified":"2015-07-27T17:04:10.235Z","findingAid":"Conversation No. 16-111\n\nDate: December 18, 1971\nTime: 1:40 pm - 1:46 pm\nLocation: White House Telephone\n\nThe President talked with John B. Connally.\n\n     India-Pakistan ceasefire [?]\n\n     President's schedule\n\n     Connally's schedule\n         -Forthcoming Group of Ten finance meeting at the Smithsonian Institution\n                -Possible statements by the Group of Ten and Connally\n                     -Possible settlement\n                     -Future meeting (January 1972)\n                -Potential problems\n                     -Canadians\n                            -Trade amount\n                     -Europeans\n                     -Japanese\n                            -Devaluation\n                     -Germans\n                     -French\n                            -Adamant about German devaluation\n\n                      -Karl Schiller\n                      -Willy Brandt\n                      -Italians\n                             -Upcoming elections\n                             -Pressure by US\n                -President’s view\n                      -French\n                             -Proposed realignment of currency\n                      -Germans\n                             -Joining the French\n                      -Japanese\n                -Trade\n                      -President’s expectations\n                             -Realignment\n                             -Timing\n                                   -Trade agreement’s negotiated before January 20, 1972\n                                        -Congress","filename":["016-111.mp3"],"tapeStart":"03:48:53","tapeEnd":"03:54:28","participantsList":["Nixon, Richard M. (President)","Connally, John B."],"prevCode":"016-110","nextCode":"016-112","transcript":[{"start":0.54,"end":5.29,"text":"Hello."},{"start":5.55,"end":6.13,"text":"Hello, John."},{"start":6.41,"end":12.1,"text":"I just want to tell you that I think you're doing fine."},{"start":12.12,"end":19.02,"text":"I think you can't really expect great events like this to be shaped as fast as we would like."},{"start":19.4,"end":22.05,"text":"But just hold tight."},{"start":22.07,"end":29.06,"text":"It would seem to me, I'll be here until 5.40 in case you still want me to go along."},{"start":29.1,"end":34.07,"text":"I'll be here in the office, so I'll be ready to come over or not come over."},{"start":34.63,"end":39.12,"text":"We should know about 4 or 4.30 at the latest, Mr. President."},{"start":39.14,"end":40.92,"text":"It's not going to hold much longer."},{"start":41.04,"end":42.85,"text":"I've been talking around there."},{"start":42.83,"end":47.26,"text":"Everybody's on edge, everybody's tense, everybody's tired."},{"start":47.32,"end":50.88,"text":"We were at it till 11.30, 11 o'clock last night."},{"start":50.9,"end":52.36,"text":"I know, I know."},{"start":53.02,"end":55.96,"text":"And if we can't do it in the next couple of hours, I don't think we can do it."},{"start":56.02,"end":56.84,"text":"That's the whole purpose."},{"start":56.9,"end":62.17,"text":"I'd keep them here if I thought we could do it, but if we can't put it together in another couple of hours, I don't think we can."},{"start":62.27,"end":67.97,"text":"I think the important thing, if you don't, then, is to come out with as positive a statement as you can about the future."},{"start":68,"end":69.2,"text":"How did you plan to do that?"},{"start":69.3,"end":78.35,"text":"Well, we just put out a statement from the group and not involve you at all, I would think, and just say that we've made very substantial progress."},{"start":78.43,"end":79.07,"text":"That's right."},{"start":79.09,"end":82.03,"text":"We came close to a settlement and hope that..."},{"start":82.42,"end":92.77,"text":"perhaps with the changing events and the passage of a bit more time that problems can be resolved where we can reach a final solution or something."},{"start":92.79,"end":94.77,"text":"You could say we've come very close together."},{"start":94.83,"end":100.12,"text":"We have substantially reduced the differences that we had from the previous meeting."},{"start":100.28,"end":103.88,"text":"We're very close together and so forth."},{"start":105.36,"end":111.16,"text":"And then would you announce at this time, Marv, when you're going to call another meeting?"},{"start":111.58,"end":112.52,"text":"Yes, I would."},{"start":112.68,"end":113.83,"text":"And that you would have another meeting?"},{"start":113.87,"end":114.73,"text":"In the middle of January."},{"start":114.87,"end":115.91,"text":"In the middle of January."},{"start":117.47,"end":118.18,"text":"About the 15th."},{"start":119.2,"end":121.39,"text":"There's still a chance we can put this together."},{"start":121.41,"end":121.69,"text":"Right."},{"start":122.38,"end":123,"text":"Right."},{"start":123.02,"end":127.73,"text":"We've got four hang-ups, one of which we know Canada has been an absolute bastard."},{"start":127.77,"end":130.41,"text":"But we knew that, so that's a problem, really."},{"start":130.65,"end":132.08,"text":"So let's just leave them out, huh?"},{"start":132.22,"end":132.6,"text":"Yes."},{"start":133.08,"end":134.18,"text":"We'll have to leave them out."},{"start":134.48,"end":137.75,"text":"But, you know, this materially affects what we're going to get out of it."},{"start":137.77,"end":139.86,"text":"Because of the amount of trade, yeah."},{"start":140.14,"end":140.42,"text":"Sure, yeah."},{"start":140.4,"end":144.62,"text":"Well, we'll have to just handle the Canadians in a different way, won't we, John?"},{"start":144.9,"end":145.12,"text":"Yes, sir."},{"start":145.14,"end":146.18,"text":"And by golly, we will."},{"start":146.2,"end":147.94,"text":"I mean, they want to be this way."},{"start":147.98,"end":150.17,"text":"That's what I told them this morning."},{"start":150.19,"end":152.69,"text":"If you want to work out your problems with us, that's fine."},{"start":153.21,"end":155.13,"text":"We'll play by any rules you want to play by."},{"start":155.49,"end":163.54,"text":"But you see, in terms of the way the whole works, I think making the deal with the Europeans and the Japanese is going to have enormous significance, you know what I mean?"},{"start":163.58,"end":166.08,"text":"And people will figure we ought to do the Canadians separately."},{"start":166.1,"end":168.04,"text":"We've got the Japanese up to 60."},{"start":168.02,"end":170.33,"text":"We're trying to get them to 17."},{"start":170.99,"end":172.94,"text":"Well, you've done awfully well to get them to 16-1."},{"start":173.18,"end":174.32,"text":"I know how tough they are."},{"start":174.34,"end":177.03,"text":"I think we can get them to 17 or get them close to it."},{"start":177.05,"end":178.39,"text":"And if we can, we'll take it."},{"start":178.57,"end":179.05,"text":"That's right."},{"start":179.15,"end":181.56,"text":"Now, the hang-up now is two things."},{"start":181.78,"end":183.6,"text":"the Germans have to go to five."},{"start":183.62,"end":185.56,"text":"The French are adamant about the five."},{"start":186.2,"end":189.06,"text":"And I think they ought to go to five, and I think they will go to five."},{"start":189.08,"end":193.85,"text":"Schiller, I think, is trying to call Brant to go 5% above the French."},{"start":193.87,"end":196.63,"text":"The French will be zero, you see, and the Germans have to be 5%."},{"start":196.65,"end":198.54,"text":"Sure, I understand."},{"start":198.76,"end":199.98,"text":"That's what they ought to be."},{"start":200.8,"end":205.03,"text":"Now, the Italians, of course, are screwed up because of their election."},{"start":205.53,"end":206.99,"text":"Yes, and the Italians are..."},{"start":207.29,"end":209.25,"text":"Apparently, we can't move them, so..."},{"start":209.23,"end":218.92,"text":"If we can get these other things solved, what we'll do, we'll just all put the pressure on the Italians and in effect make them agree to"},{"start":220.03,"end":224.9,"text":"say that at least they'll do nothing right now, and then they'll take under advisement what course they may take."},{"start":224.91,"end":230.8,"text":"And, hell, with the understanding, you know, two or three weeks from now, they may devalue by a couple of points."},{"start":230.86,"end":231.3,"text":"Yeah."},{"start":231.32,"end":235.09,"text":"I think, as a matter of fact, with them, my own view is this."},{"start":235.17,"end":236.87,"text":"I think it would be very positive."},{"start":236.89,"end":240.25,"text":"I don't think it's going to be looked upon as a defeat at all for us."},{"start":241.65,"end":243.06,"text":"Well, let me put it another way."},{"start":243.6,"end":250,"text":"I think what we got from the French, that is, starting with that, was more than a hell of a lot of people thought we were"},{"start":249.98,"end":254.81,"text":"Second, I think that if you can get the Germans on top of that, that's 13."},{"start":254.83,"end":255.81,"text":"That's a hell of an achievement."},{"start":255.83,"end":263.06,"text":"And I think, frankly, I think if you can get 16 1⁄2 from the Japanese, that's more than a lot of people thought is possible."},{"start":263.14,"end":264.44,"text":"That's right."},{"start":264.58,"end":270.49,"text":"People have been talking in terms of 19 and all the rest, but they know that's a going-in proposition, don't they?"},{"start":270.51,"end":270.85,"text":"That's right."},{"start":271.25,"end":276.37,"text":"And doesn't 16 1⁄2, isn't that going to help a lot?"},{"start":276.74,"end":277.7,"text":"Yeah, sure."},{"start":277.72,"end":278.02,"text":"Yeah."},{"start":278.45,"end":282.55,"text":"You can try to get more."},{"start":282.61,"end":289.8,"text":"Now on the trade front there, I think what you can really expect, I've been thinking about that and knowing"},{"start":290.21,"end":291.83,"text":"what is possible and what isn't."},{"start":291.86,"end":296.4,"text":"It seems to me all you can really do is to set in motion the process on trade."},{"start":296.76,"end":300.22,"text":"Well, we can't get it done."},{"start":300.28,"end":306.35,"text":"They can't agree on that, but we can say we've agreed that we will move forward on the trade front, and that's to be negotiated."},{"start":306.37,"end":312.78,"text":"What we're saying to them is you must have the trade agreements negotiated by the time we go to Congress on January the 20th."},{"start":313.13,"end":322.93,"text":"If you don't, we have committed ourselves to the legislative leaders that we would have something on trade to give them at that time."},{"start":323.01,"end":324.47,"text":"So that's all we can say."},{"start":324.49,"end":324.85,"text":"Right."},{"start":325.27,"end":326.1,"text":"And then hope for the best."},{"start":326.62,"end":328.88,"text":"Well, anyway, I won't hold you, but I'll be here."},{"start":329.7,"end":331.89,"text":"We'll try to wrap it up in the next couple of hours."},{"start":332.05,"end":332.69,"text":"Sure."},{"start":332.73,"end":333.35,"text":"Okay, I'll be here."},{"start":333.37,"end":335.26,"text":"Bye."}],"aiSummary":{"text":"President Nixon and Treasury Secretary John B. Connally discussed the status of delicate international monetary negotiations occurring at a Group of Ten meeting at the Smithsonian Institution. Connally briefed the President on the difficulty of reaching a multilateral agreement regarding currency revaluations, specifically noting holdouts from Canada, Italy, and tensions between French and German positions. They agreed that if a final settlement could not be reached within hours, Connally should issue a positive public statement emphasizing progress and scheduling a follow-up meeting for January, while also establishing that trade negotiations must be finalized before the President’s January 20 deadline with Congress.","topics":["Group of Ten","International monetary policy","Currency devaluation","John B. Connally","Trade agreements","Smithsonian Institution"],"generatedAt":"2026-04-06T00:39:37.475Z"},"topicSlugs":["group-of-ten","international-monetary-policy","currency-devaluation","john-b-connally","trade-agreements","smithsonian-institution"],"audioDurationSec":335,"audioFiles":[{"file":"016-111.mp3","bytes":8046758,"durationSec":335.22,"bitrate":192035,"missing":false}],"audioIsShared":false,"audioProbedAt":"2026-09-18T02:19:24.620Z","audio":["https://nixon.nyc3.digitaloceanspaces.com/audio/016-111.mp3"],"url":"https://www.easynixon.org/tapes/016-111","nixonLibraryUrl":"https://www.nixonlibrary.gov/white-house-tapes/16/conversation-016-111","license":"Public domain (U.S. Government work). AI-generated fields (transcript, aiSummary) are provided as-is without warranty."}