Nixon White House Tapes ›Tape 529 › Conversation 529-011

Nixon & Shultz on Economic policy and Inflation

Sunday, June 27, 1971 · 8:11 PM–8:13 PM ET · Oval Office ·54 sec

ParticipantsNixon, Richard M. (President); Shultz, George P.Conversation529-011 onTape 529 (tape position 00:36:09–00:37:31)StartSunday, June 27, 1971 at 8:11 PMEndSunday, June 27, 1971 at 8:13 PMRecording deviceOval OfficeSourceNixon Library record for 529-011 ↗

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.

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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 Do not cite it as authoritative — verify against the audio and the finding aid.

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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.

NARA 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.)

Also recorded on June 28, 1971

529-009 8:02 PM · 1 min — President Richard M. Nixon and Alexander P. Butterfield met in the Oval Office of the White House from 8:02 pm to 8:05 pm.
529-010 8:06 PM · 2 min — President Richard M. Nixon and Alexander P. Butterfield met in the Oval Office of the White House from 8:06 pm to 8:11 pm.
529-012 8:11 PM · 10 sec — President Richard M. Nixon and the White House operator met in the Oval Office of the White House at an unknown time between 8:11 pm and 8:13 pm.
529-013 8:11 PM · 31 sec — President Richard M. Nixon, White House operator, and Henry A. Kissinger met in the Oval Office of the White House at an unknown time between 8:11 pm and 8:14 pm.
529-014 8:18 PM · 54 min — President Richard M. Nixon, Henry A. Kissinger, Alexander P. Butterfield, and Mark Andrews met in the Oval Office of the White House from 8:18 pm to 9:14 pm.
063-002 9:12 AM — President Richard M. Nixon and members of the Cabinet Committee on Economic Policy, including Hendrick S. Houthakker, Herbert Stein, James D. Hodgson, John B. Connally, Peter M. Flanigan, Peter G. Peterson, George P. Shultz, John D. Ehrlichman, Ronald L. Ziegler, and H. R. ("Bob") Haldeman, met in the Cabinet Room of the White House at an unknown time between 9:12 am and 10:54 am.
529-015 9:12 AM · 3 sec — President Richard M. Nixon and Manolo Sanchez met in the Oval Office of the White House at an unknown time between 9:12 am and 9:21 am.
529-016 9:21 AM · 42 min — President Richard M. Nixon, H. R. ("Bob") Haldeman, Ronald L. Ziegler, unknown person(s), Henry A. Kissinger, and Stephen B. Bull met in the Oval Office of the White House from 9:21 am to 10:04 am.

All 69 conversations from June 28, 1971 →

Cite this conversation

Conversation 529-011, June 28, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/529-011 (accessed September 18, 2026).