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Conversation 133-024

TapeTape 133StartFriday, June 9, 1972 at 10:29 AMEndFriday, June 9, 1972 at 10:32 AMTape start time03:10:08Tape end time03:13:03ParticipantsNixon, Richard M. (President);  Shultz, George P.Recording deviceCamp David Study Table
AI Summary

President Nixon and George P. Shultz discussed the successful Senate confirmation of Richard G. Kleindienst and upcoming Cabinet swearing-in ceremonies. The conversation shifted to critical budgetary concerns, with the President emphasizing the necessity of vetoing environmental and spending bills to curb excessive federal expenditures. Finally, they reviewed international monetary policy, specifically coordinating a stance on gold that diverged from the views held by Federal Reserve Chairman Arthur F. Burns.

Cabinet appointmentsFederal budgetPresidential vetoesMonetary policyGold standardArthur Burns
AudioNARA Description

On June 9, 1972, President Richard M. Nixon and George P. Shultz talked on the telephone at Camp David from 10:29 am to 10:32 am. The Camp David Study Table taping system captured this recording, which is known as Conversation 133-024 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 133-24

Date: June 9, 1972
Time: 10:29-10:32 am
Location: Camp David Study Table (telephone)

The President talked with George P. Shultz.

     Greetings

     Senate confirmation hearings

                                         (rev. Jan-02)

            -Richard G. Kleindienst
                 -Opposition votes
            -Cabinet meeting
                 -Swearing-in
                      -Caspar W. (“Cap”) Weinberger

     John D. Ehrlichman
          -Trip from Sweden
          -Environmental bills
                -President's vetoes

     National economy
          -Budget problems
                -Congress
                -Vetoes
          -Revenue sharing
          -Welfare reform
          -Water bill

     Confirmation hearings

     Gold
            -Shultz previous conversation with Paul A. Volcker
            -Basis for monetary system
            -Arthur F. Burns's view
            -Volcker
                 -Conversation with Shultz
            -Burns
                 -Positions on economic issues
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 Do not cite this transcript as authoritative.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.
Good morning, sir.
Well, you had a pretty close shave, didn't you?
Yeah.
Just got by.
I was glad to see that Dick wound up with fewer votes against him than predicted.
Yeah, it was overwhelming, and a purely partisan vote, and not bad at that.
All right, well, we thought we'd have a swearing-in for all three on Monday, have a cap, too, so that we can...
start the week off with everybody in place great place right i see john erichman here shortly he's arriving back from stockholm yes i saw him this morning he was in figure out some ways to veto some environment bills now well we have to save some money someplace i don't know what we have a serious budget problem all right serious oh god it's unbelievable i've read all those stuff and uh of course if you when you look at the budget problem here
They're figuring the outside, but we've got to realize the way that Congress goes, and unless we do veto these things, we could reach that outside number.
Yes.
$55 billion in 74, right?
Right.
That is a figure that can't be permitted to happen, but it's the sort of thing that... That's a figure that would happen, though, as I understand it, if we got revenue sharing and if we got welfare reform and if we got...
the water bill and if we got all the other nutty things.
That's right.
Well, anyway, we'll see.
We're glad you're through and that your people, your underlings are confirmed, so that's fine, too.
Well, I think that we
keep the show together until after the election over there and then you can then make changes that's right that's right but i've had several talks with voker on just what our stance is we put out a statement the day before yesterday in this gold business that you may or may not have seen but anyway we we uh took the occasion to say that uh the way this price is going it only
shows further that the uh gold is not a suitable commodity for uh the basis of the monetary system yeah 66 dollars arthur won't like that much but anyway that's the fact of the matter well you have to you got volcker lined up though i think booker is uh he's tracking all right i've had some lengthy discussions where i don't agree with him i tell him and then i tell him to let's write out a paragraph now to say what it is that we're the position we're going to take right
He's an able fellow.
He's an able fellow, and he's a pragmatist, and he's trying to work a deal out.
But we can't allow Arthur with his tenacity to force on us something that we can't live with.
That's really what it gets down to.
I think that's right.
Well, anyway, have a good weekend.
Thank you, sir.
I appreciate the call.
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