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Conversation 016-114

TapeTape 16StartSaturday, December 18, 1971 at 3:05 PMEndSaturday, December 18, 1971 at 3:09 PMTape start time03:54:52Tape end time03:58:32ParticipantsNixon, Richard M. (President);  Connally, John B.Recording deviceWhite House Telephone
AudioNARA Description

On December 18, 1971, President Richard M. Nixon and John B. Connally talked on the telephone from 3:05 pm to 3:09 pm. The White House Telephone taping system captured this recording, which is known as Conversation 016-114 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 16-114

Date: December 18, 1971
Time: 3:05 pm - 3:09 pm
Location: White House Telephone

The President talked with John B. Connally.

[See Conversation No. 310-10]

     International monetary situation
           -Japanese
                  -Devaluation (16.9%)
                       -Information given to the French and British
           -Germans
                  -Willy Brandt
                       -Refusal to have Cabinet meeting on devaluation
           -Italians
                  -Actions questioned
                  -Georges J.R. Pompidou and Emilio Colombo
                       -Possible talks
           -Canada
                  -Actions
           -Sweden
                  -Actions
                       -Discussions with Denmark and Norway
           -Memorandum of agreement
           -US position
                  -Success with the Japanese
                  -Timing
           -President’s schedule
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 Do not cite this transcript as authoritative.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.
Mr. President, Secretary Conway.
All right.
You are.
Hello, Mr. President.
Yeah, John.
I thought I'd just give you a report.
All right.
We're kind of standing at ease here, pending some calls.
They've had cabinet meetings all over the world.
The Japanese have been having one.
Yeah.
But they have now offered 16.9.
That's good.
Which I've accepted.
That's 308 yen to the dollar.
That's very good.
And...
I have sold that to the French and the British and so forth.
The Germans are having a cabinet meeting in Bonn.
About five, huh?
Chancellor Brandt, yes.
About five.
He will take it.
But apparently Chancellor Brandt wanted to have a cabinet meeting on it.
That's all right.
So we're waiting word.
And the Italians, we don't know what we're going to do with them yet.
Is there anything I could do?
No, we really, I think we'll just kind of run over them and let them take the position, but they don't agree to it.
Yeah.
But they want to study it, and then they'll decide what action to take after he returns to Italy.
Because, see, they have to, once we put in this...
In effect, it's devaluation.
They've got to affirmatively act to devalue.
So they can study it and think about it, and we hope we can get Pompey to talk to Colombo.
What is the situation on the Canadians?
Just let them out?
Well, they're going to float.
We've had some pretty strong, harsh words with them this morning, privately and publicly.
I say publicly in this meeting.
I understand.
Very hard, and...
if they float then uh that's then we have to just make our trade deals separately that's right that's correct well so uh uh now the swedes they're backing out god damn it they're no good anyway well they've met you know and they talk about they've talked to denmark and they've talked to norway and they all been having cabins all night and they say well all they can stand is seven to seven and a half percent evaluation i said well we're not going to do that
We're going to do 8.57.
So they say, well, they may have to devalue a point or two.
So I don't think that'll make any difference.
That isn't going to change our deal that much.
No, no, no.
It won't change ours if it doesn't change the European community, you see.
Every one of these damn things relates to the other.
It's like a house of cards.
So all I'm saying is that it's now 3 o'clock.
It'll be a miracle if we get this thing by 4, although we're now circulating them.
a memorandum of agreement.
If we can get these damn phone calls through around here, maybe we can wrap this thing up.
We'll try.
We'll get word to you immediately when we can, because I think it would be awfully important if we can do this.
Yes.
Be better to get it done now, really.
And then... Well, we're just moving ahead.
And then get at the trade thing later.
Particularly since you've got the Japanese.
What the hell?
Well, we're...
That's a move on the trade.
We're playing a hard line on it, so we haven't moved off anything.
Right.
But all I'm saying is we may run out of time, but we'll try to do it.
Yes, sir.
Just the earliest possible moment.
As I said, I have to leave here at about 540.
Yes, sir.
But I'll stay right to the last minute.
All right.
Well, that's fine, and I'll report back to you just in time.
Okay.
Thank you for the time.
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