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Conversation 529-011

TapeTape 529StartSunday, June 27, 1971 at 8:11 PMEndSunday, June 27, 1971 at 8:13 PMTape start time00:36:09Tape end time00:37:31ParticipantsNixon, Richard M. (President);  Shultz, George P.Recording deviceOval Office
AI Summary

President Nixon dictates a memorandum for George Shultz to solicit Milton Friedman’s professional opinion on a letter from Arthur Burns regarding economic policy. Nixon seeks an evaluation of the administration’s current anti-inflation efforts, specifically questioning whether the current strategy is ineffective and if a six-month wage and price freeze would serve as an appropriate corrective measure. This request reflects the administration’s mounting concerns over inflation and their consideration of more drastic fiscal interventions.

Economic policyInflationWage and price controlsArthur BurnsMilton Friedman
AudioNARA Description

On June 27, 1971, President Richard M. Nixon and George P. Shultz met in the Oval Office of the White House at an unknown time between 8:11 pm and 8:13 pm. The Oval Office taping system captured this recording, which is known as Conversation 529-011 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 529-11

Date: June 27, 1971
Time: Unknown between 8:11 pm and 8:13 pm
Location: Oval Office

The President dictated a memorandum to George P. Shultz.

     Arthur F. Burns letter
          -Milton Friedman reaction
                                              9

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/08)



     Inflation
           -Administration response
               -Expected results
                     -Jawboning
                     -Wage and price freeze


                                                                    Conv. No. 529-11 (cont.)
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 Do not cite this transcript as authoritative.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.

Cameron, to George Shultz, I would be interested in getting Milton Friedman's reaction to the Arthur Burns letter.
You might come in and give the gist of it and see whether he agrees virtually or not.
Please.
Our risk against inflation is not only nil, but we cannot expect results from what we are presently doing.
And second, assuming that the assumption is correct, whether our indeterminate job offer followed by a wage price or followed by a six-month freeze would be the right medicine.
Reactions on both points.
That's the end of the memorandum.
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