Nixon White House Tapes › Tape 278 › Conversation 278-057

Nixon & Shultz on Economic policy and Wage and price controls

Thursday, September 16, 1971 · 11:48 AM–11:50 AM ET · Old Executive Office Building · 3 min

ParticipantsNixon, Richard M. (President); Shultz, George P.Conversation278-057 on Tape 278 (tape position 02:53:14–02:56:19)StartThursday, September 16, 1971 at 11:48 AMEndThursday, September 16, 1971 at 11:50 AMRecording deviceOld Executive Office BuildingSourceNixon Library record for 278-057 ↗

AI Summary

President Nixon and George Shultz discuss the need to suppress public speculation regarding the administration’s forthcoming economic policies on wages and prices. Nixon emphasizes the importance of maintaining silence to preserve his executive options and international negotiating leverage, particularly regarding Japan. Shultz agrees to issue a memorandum instructing officials to avoid guessing the President's final decision to ensure continued credibility in upcoming consultations.

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Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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Yeah.

George, one thing that I made, somebody may have started that.

Stan, if you know, said the wage increases that based on productivity, and it would lead to a government administration .

Now, actually, in my opinion,

It's really well for all of our people not to say the damn thing about what we're doing.

I mean, that's an option that I've got to make for Japanese people in case we have to create the uncertainty or the expectations that we need to actually create a conflict that we don't need to have.

We're supposed to be talking to people.

Yeah.

I intend to say today that we're going to have, we will have an effective program.

We will deal with both by wages and prices, particularly in the miniature industry.

That's not a right thing to do.

And that it will have deepening.

I think we've gotten to say that.

I don't think we can say that there's not going to be any sanctions.

And that's all.

That's all I'm going to say.

Thank you.

Well, what would you say on that?

That represents one point of view.

Yeah.

Yeah, that's right.

Uh-huh.

OK. All right.

You'll deal with that subject?

Yeah.

Sure.

Well, I will knock it down.

It's important to knock it down.

I don't know.

Yeah.

i i would just simply say i just think you better put out a memorandum around 15 around the middle of next month there should be no speculating forever as to what that decision will be

Just to say that I understand and there will be great interest in it and there can be discussion but there should be no speculation as to what the President's decision will be.

So that we will have, so that our continued consultations will have credibility and so that I will have had none of my options broken.

Yeah, just put on something and come around and get out of here.

Alright.

NARA Description

On September 16, 1971, President Richard M. Nixon and George P. Shultz met in the President's office in the Old Executive Office Building from 11:48 am to 11:50 am. The Old Executive Office Building taping system captured this recording, which is known as Conversation 278-057 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 278-57

Date: September 16, 1971
Time: 11:48 am - 11:50 am
Location: Executive Office Building

The President talked with George P. Shultz.

[See Conversation No. 9-40]

Also recorded on September 16, 1971

009-040 11:48 AM · 3 min — President Richard M. Nixon and George P. Shultz talked on the telephone from 11:48 am to 11:50 am.
009-041 11:50 AM · 5 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 11:50 am and 1:45 pm.
278-058 11:50 AM · 33 sec — President Richard M. Nixon and Henry A. Kissinger met in the President's office in the Old Executive Office Building at an unknown time between 11:50 am and 1:45 pm.
278-059 11:50 AM · 7 min — President Richard M. Nixon and H. R. ("Bob") Haldeman met in the President's office in the Old Executive Office Building at an unknown time between 11:50 am and 1:45 pm.
278-060 11:50 AM · 35 sec — President Richard M. Nixon and Manolo Sanchez met in the President's office in the Old Executive Office Building at an unknown time between 11:50 am and 1:45 pm.
278-061 11:50 AM · 6 sec — President Richard M. Nixon and the White House operator met in the President's office in the Old Executive Office Building at an unknown time between 11:50 am and 1:45 pm.
278-062 11:50 AM · 26 sec — President Richard M. Nixon and unknown person(s) met in the President's office in the Old Executive Office Building at an unknown time between 11:50 am and 1:45 pm.
278-063 11:50 AM · 10 sec — President Richard M. Nixon and Manolo Sanchez met in the President's office in the Old Executive Office Building at an unknown time between 11:50 am and 1:45 pm.

All 52 conversations from September 16, 1971 →

Cite this conversation

Conversation 278-057, September 16, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/278-057 (accessed October 12, 2026).