Conversation 547-009

TapeTape 547StartTuesday, July 27, 1971 at 12:15 PMEndTuesday, July 27, 1971 at 1:09 PMTape start time02:52:22Tape end time03:47:03ParticipantsNixon, Richard M. (President);  Connally, John B.;  Peterson, Peter G.Recording deviceOval Office

On July 27, 1971, President Richard M. Nixon, John B. Connally, and Peter G. Peterson met in the Oval Office of the White House from 12:15 pm to 1:09 pm. The Oval Office taping system captured this recording, which is known as Conversation 547-009 of the White House Tapes.

Conversation No. 547-9

Date: July 27, 1971
Time: 12:15 pm - 1:09 pm
Location: Oval Office

The President met with John B. Connally and Peter G. Peterson.

     Mamie G. Eisenhower
         -Dream

     Dreams
         -Recollection
              -The President
              -Abraham Lincoln
                    -Anecdote about Cabinet meeting
                         -Dream on night prior to assassination
         -Dwight D. Eisenhower
              -Mrs. Eisenhower
                    -Dream

     The economy
          -Strategy for planned action
                -Confidentiality

                  -Compared to the US -People’s Republic of China [PRC] initiative
                  -The President, Connally, Peterson
                        -George P. Shultz, Paul W. McCracken
                        -Arthur F. Burns
           -Initiative
                  -Burns’ attitude
                        -Comparison with Connally, Peterson
     -Japan
           -Textile negotiations
     -Burns
           -Strategy
                  -Gold prices
                        -Possible action
                              -Effect
                  -Monetary situation
                        -Domestic, international action
                              -Wage-price action
                              -Paul A. Volcker
                                    -Forthcoming meeting with Connally
     -Imposition of wage and price controls in the U.S.
           -Burns’ view
     -International situation
           -France
                  -Valery Giscard D'estaing
           -Japan, Germany
                  -D'estaing's remarks
                        -Burns’ staff
                        -Interpretation

The economy
     -Options
     -Trade balance
          -June 1971 figure
          -April, May 1971 figures
     -US gold reserves
          -Situation
     -Defense of the US dollar
     -Gold reserve
          -Amount
                -Commitments
     -Germans, Japanese, French
          -Effect of action

           -Devaluation
                 -Options
           -International Monetary Fund
                 -Proposed Presidential letter
                       -Dollar convertibility into gold
                       -Fixed exchange rates
                             -Float alternative
                             -Cessation of gold convertibility
           -Strategy
                 -The President's role
           -International situation
                 -Effect of the PRC initiative
                 -Consequences of US action
                       -Leadership
                 -Options
                       -Import surcharge, export rebates
                       -Wage and price controls
                       -1972, 1973 budgets
                       -Negotiation with Japan, Germany
                       -US economy
                             -Revival of vitality
                       -Scope of action
           -Possible action on wage and price control
                 -Burns
                       -Possible statement effect
           -Timing of economic action
                 -Election
           -Roles of administration officials
                 -Volcker, McCracken, Peterson, Shultz
                 -The President, Connally
           -Burns
                 -Forthcoming meeting with Connally
           -Peterson's schedule
                 -Republican leadership

Peterson left at 12:40 pm.

           -Peterson
           -Options
                 -Export rebates, imports

            -Average person's reaction
                  -Jobs
      -Consideration of domestic political effect
-International monetary situation
      -Explanation to national television audience
            -Timing of forthcoming speech
      -Source of announcement of action
            -The President, Connally, H.R. (“Bob”) Haldeman
            -Perceptions of the President
                  -Foreign policy
                  -Economy
            -Connally's role as Secretary of the Treasury
            -Source of request for television time
-World Bank presidency
      -Robert S. McNamara
            -Reaction
                  -Haldeman
                  -Barry M. Goldwater
                        -Pentagon Papers
                        -The PRC initiative
            -Henry A. Kissinger
            -Possible meeting
                  -Connally, Kissinger
                  -The President
            -The State Department
            -Treasury Department's role
            -Goldwater
            -Relations with Kissinger
      -Aid
            -Bi-lateral, multi-lateral
                  -Approaches
                  -International Monetary Fund, World Bank
                  -Foundations
                        -Ford Foundation
-International relations
      -Europe, Japan, Southeast Asia
      -Bi-lateral approach
            -Brazil, Argentina
            -Organization of American States [OAS
            -Costa Rica, Brazil, Argentina, Honduras, Ecuador, Bolivia
      -Frank F. Church

            -Senate Foreign Relations Committee
            -Statement about Brazil
            -The PRC
      -US stance
            -Brazil
            -Fidel Castro
-Timing of action
-Gold reserves
-French, British action
      -Transactions
-International Monetary Fund
      -September meeting
      -Negotiations
-Federal Reserve Board vacancy
      -Burns’ conversation with Shultz
      -Candidates
            -Orientation
                  -Jobs, inflation
-McCracken
      -Departure from job
      -Replacement
            -Herbert Stein
      -Connally’s view
            -Jews
                  -Perceptions
                  -Department of the Treasury
                  -Bureau of Labor Statistics [BLS]
-Administration action
      -Connally, Shultz
      -Connally's conversation with James E. Smith
      -Unemployment, inflation
-Trends
      -Retail sales figures
-Burns
      -International situation
            -Germans
                  -Possible reaction
-McCracken, Peterson meetings
-Business centers
      -Chicago, Los Angeles, San Francisco, Atlanta, St. Louis, Detroit, Cleveland,
            Cincinnati, New York, Philadelphia

                      -Speech appearances
                              -Haldeman
                              -Regional television
                              -Haldeman's assistance in scheduling
                                   -Campaigning orientation
           -Idanell (Brill) (“Nellie”) Connally
           -Burns
           -Congress
           -Press
                -Charles G. (“Bebe”) Rebozo

Connally left at 1:09 pm.

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.

Thank you.
I can't.
Do you remember your dream?
I can't remember your dream.
Why not?
Great, great while.
It has to be terribly good.
That's right.
But he's pretty good at it.
He, uh, Lincoln was the man.
I can't remember your dream.
No, I can't.
David, I'll guess, is very involved in some more of it.
No, I can't remember your dream.
I can't.
Do you remember your dream?
No, I can't.
Did he cast me just before he died?
No, I can't.
He said that he had a dream, and he always had it before a great event.
He said that he had a dream that he was on a vessel, and he was traveling with the vessel, moving the great propensity towards the distinction of the shore.
And he said he always had that dream before some great event.
She looks great, but she's really, uh, she's, uh, she's so cool, but it's really nice, sir.
Well, it's nice to be alive and to be here to participate in this.
It is a moving experience for me.
Right.
Well, let's start to spend a little time with Pete on the matter that we were discussing the other day to see what we want, what you, John, want.
operation to be what how we will what we do and where we are so what are you building and what you're thinking and what we ought to do and how he can be used and the teaching that told me about his conversation so i said the three of us used to kind of talk and then my view is that they feel that a high and sort of a deal of a high sensitivity with this if we ever get anything stupid in this day and
The only people who could participate in it are, at least the three of us, probably are.
But, uh...
Oh, yeah.
I am thinking about perhaps going a little further than he is, but I'm not waiting.
I'm not very directly in that position.
I think what we need to do now is to get in the water table, George, if you're correct, Pete, I think that's called over.
Oh, that's fine.
Well, he's covered.
He's covered.
And Frank, I've got to tell you, Father Burns is not a problem of ours.
I have oversound him out last night.
Now he's not, he's not thinking in terms of, as frankly as Bo or Kermadec or Seth, as Peter, Peter and I are.
But, let's keep quiet.
I mean, yes, I think he will.
He must not fight this.
Well, that's right.
And I think he will, provided we bring him in.
Let's keep it that way.
Let's keep it that way.
Let's keep it that way.
Let's keep it that way.
Without him there, he's going to be hiding in there.
And one, perhaps, good reason, because he is considered to be a central banker.
That's right.
He is a central banker.
And it is through the New York Times that we carry over all of our monetary transactions.
One way to work our hero is to sell, get him to take the idea.
Now, I don't know what they did with him first.
Now, Paul did this first.
Our vision wouldn't match.
And if you could just handle it very boldly, then I think we'd have to try to get you into a meeting.
But we really cannot wait.
I know that these meetings are taking place.
But I suggest that you don't let it go.
We can have meetings, but they'll be on other subjects.
That's right.
And there are more old papers to be written, to be edited around next week.
So we talk, we're talking about Japan.
That's our subject.
That goes to Japan.
And I'll look at the other drawings when I have a few others.
uh i think that arthur that if you would go into him and say that uh basically that i have been very much in hammer for just a lot of raising the price of the book but uh that we would have such a hell of a
You can't do that without choice.
No.
All right.
We would have chaos for two or three months.
There would be enormous speculation.
People would make huge fortunes out of it.
And I just don't think that there's a will at this point.
But this is something we can do now.
The second thing is that I think...
I heard what you had to say.
You've got a different argument on his thing, that his idea of having five or six people feel free and decide the future of monetary situations.
Now, you and I know, John, that won't work.
Those are those matters you're not going to do anything but trust us, right?
It's not going to work.
Now, if you could say that we think that's a great idea, that maybe you should argue that the presentation before that happens, you've got to protect the people, right?
Here.
All right.
Yeah.
Yeah.
Yeah.
Yeah.
He gets down to it.
I don't think if he feels there's a prospect of being a position of freedom, which is what I suppose, in the United States, he probably would agree.
Because that's what he wants.
But he also, he's still listening, at least.
And then he reflects, not that he needs it,
Well, that husband now, earlier this spring, he started to sing the French, the Frenchman.
And if you remember, Arthur told us at that time that he started to sing, called him off, and kind of told him to get together.
He said he was sending me a message.
He was hearing a message about how we could do all this.
And I know he was hearing a message.
Well,
and hardly interpreted the meeting that four or five people of Japan, Germany, France, Europe, or the EU would be able to solve this problem.
Now, that's his interpretation of what the Supreme Court had encoded.
Now, Dui Dain and others who were in the meeting did not interpret the Frenchman's remarks that way at all.
They don't think it would work.
And Paul was in the room,
are they related to this conversation about his interpretation of Sandy's remarks?
Are there sad people who are sitting back against the wall in this conversation, taking place and shaking their heads?
This is a problem that we have, but do you think he's got a message from the French that, well, we can really work this out, that he's the man that should work it out, and that all of these
for a week.
However, it took work.
Now, I just think that there are infinite possibilities, President.
I don't believe that we've done quite a great deal of paperwork.
I think it has to be updated.
We did a lot of it in March.
As I told you the other morning, we had an arm and a cell for us to take, and they're putting the entire scenario of what time they ought to be announced, who ought to be informed, who ought to be informed.
how you proceed with what that office made, but it'll always be updated.
It doesn't have to be like that, because we need to look at it and work it all.
But I just don't think we can have any substitutions.
And frankly, we want to, we need to lay out an alternative for you.
It may well be that you have somebody, any factor, or an investment factor, or an accomplished, a freedom for somebody that you trust that you might want to check in with.
We'll give you the alternative then.
You may want to clarify, this, uh, I don't think this, uh, argument for the issue is subject to anything.
What you do, you hear this, you know, you know the, the, the non-state, uh, uh, like that, it's, it's a big move, regardless of what you do.
Now, there's certain basic fundamental things that, that you, that I don't think you can forget.
The figures are coming out tomorrow on our June, uh, trade.
We've got a negative value of trade of $316 million.
Now, this is after April and May of over $200 million.
That's each of those months.
This is the third successive month in a row, and it's bigger than the other two by the circle.
One of them is $205 million, the other is $230 million.
This was $316 million.
Big story to hold this morning.
The Reserve assets of the United States are always the ones
And from those, I saw one conclusion.
Now, this simply means that if we try to defend the dollars,
to the point where we would be able to pay off our debt with respect to the central and then vertically.
We can't improve our assets.
to that extent, and the subversion of the idea is out of faith by 3-1.
Now, that just means that, as I said, you and your administration are in the mercy of the foreign governments, because that's what they might see, and I'm sure they won't.
And if they thought it was to their interest that somebody else would be elected president, they can't shoot the church.
And we had, as I understood it,
So this, you can use the side of this side.
Now, we're going to discuss the details of both some very fundamental things that I think could override almost every other situation.
Now, what about the, what about the, you know, the suggestion of the great gesture?
You should have discussed that more.
Yeah, that's right.
That's right.
Another thought, though, anytime that somebody's looking at it, the armory evaluation is what it is.
And, uh, for John and I, as the President and fellow members, we hold actions on, uh, as the President and I told you yesterday, we went along with the press on the U.S. and the foreign policy, as I was saying last week, but Mr. Ryan went with it.
Sure.
If you get a, if you get a major international crisis like this, it will impact, and we get impacted.
If the, uh, the, the, the problem of, uh, uncertainty with regard to
evaluation of the courses out there.
But here's what you do as a private provider.
You first write to the International Monetary Fund.
Very simple thing.
It's a letter with two paragraphs, 30 paragraphs.
In fact, it says that you no longer will convert dollars to gold.
It's like closed gold.
You have one sentence.
Secondly, you say that if anyone goes this route, uh, and secondly, you say that, that, uh, you no longer will support the, the big exchange rates set by the International Monetary Fund that you've been applying for.
You don't do that.
You don't use the word do that for all practical purposes.
That's an effect.
The only way, and this is the argument that I made to you on the other side before, the only way you can really do that is to change the price of gold.
And you cannot do that because you have to go to Congress.
Unless you close the gold, it's long before that.
It makes only no sense.
I mean, it's strong, but then you spill it into a layer that would allow the wildest kind of speculation.
So it's a simple matter to both fold the gold and to float the currency from a mechanical standpoint.
Now, it has very far-reaching implications, obviously.
It's not something that I wrote about.
And there are many, many factors, many, many steps you can do, you can follow that with the action that Pete's talking about.
There's other things that you can do.
I think if you do whatever you do, you ought to take a serious step.
There ought not to be any one step.
Now, the biggest reason for it is this.
It speaks to me.
And this is it.
In the final analysis, this is it.
I thought it was pretty political, the advantage
or security or protection if you want to get out of it as much as possible.
What you need is you have to conduct yourself in such a way that you know the improved way that diminish your view and the minds of other people and other leaders and other nations as a world leader.
Because we've got lots of negotiations carried on in the future.
Now, you're moving, son.
reflected a high degree of relationship with the leadership.
Now, there is a risk in floating, there is a risk in closing the door, and there is a risk in policies that do fall in line.
There is a risk in closing the way to product control, no question about it, but there's a risk in development.
The point is that if you take such a problem, where, if you take the actions that the objective people
can say, reflect a high degree of not only concern, but world safety and leadership, you come out ahead of the game.
But whatever those steps are, we don't have to decide that at the moment.
But I think we constantly have to keep in the foreword the image that you're going to portray to the rest of the world of how you're going to be viewed by the rest of the world.
Once you take whatever step you take,
It can't be a bigger relationship.
It can't be a small making step.
I think it's going to have to be a bold, forthright, determined step, and it may accomplish a point.
It may accomplish a...
import to surcharge it may uh export it may be changing but the time whatever the whatever the greens on the mix are they are being consistent and they are reflecting a high degree of safety because in the aftermath of this we've got to go pick up all the pieces and we've got to go with them
and we're going to have to try to improve the basic economic vitality of this country.
And Pete and I are told that whatever we do, it ought not to be done as an act of deceit or to solve a particular problem.
It ought to be bolded up and broadened up in its fleet to help, hopefully, provide some appropriate solution to the problems of this country.
When you go down, the way she's trying to control that, she's saying that to me afterwards.
I think there, we've got to, I think we get that into this, regarding the partner.
I think we've got to move a line on that at this point, because it is, it's a discussion, let's say, to move, if it's not,
I think they're...
I suppose that's what you're going to run into.
I'm just thinking about the game that I'm going to be playing.
And if he says no, then he goes off the reservation and says, this is wrong.
Why should we have to wait for prices to go up?
We're in hellish shape.
How do we avoid this?
And we just take all the bold steps we want.
But if Arthur Burns, chair of the Federal Reserve, goes off in an independent way and says, well, this is all very well and good, then the administration
down the road, right around
Every year, we might get a reason to do it.
It's got to be close enough to the election so that if it doesn't work, you're not in the middle of a problem.
So if you have time, you can do it.
But I have an idea.
I'm giving my briefing.
I'm telling you, I think the purpose of our little group
Okay.
Right, right, right.
And that's it.
I don't think there's anybody else who I want to speak with.
I'm all right.
I don't know what to do.
If you're a president, John, I will make the list.
You probably should do the...
Well, obviously you're here to do it.
I'll have a partner.
You will see him.
Let me see him first, and then I want you to let me do this.
I don't know anything about this, but I had a breakfast table at 10 in the morning.
So I'm going to shoot.
Call me at 9.
I'll be home with a letter.
You can keep talking about it.
I'll be done.
I'll be done.
I'll be done.
I'll be done.
I'll be done.
Okay.
Where are you going now?
This idea of the export, the export rebate, the import thing on a channel base, that really is all
It's very understandable, because the average person regarding a job, you know, is paid by a certain amount of money.
You tell a laborer, you tell a laborer, you tell a manager, you tell a manager, you tell a manager, you tell a manager, you tell a manager, you tell a manager, you tell a manager, you tell a manager, you tell a manager,
while leaving the translator's job by saying, well, they'll raise the prices of our things and lower the prices of theirs.
It's too subtle an argument for them to get right off the bat.
And we don't watch this, but we did.
And a lot of people, and I'm not sure the airport support will translate the job, but people will say, all right, I think it has some appeal on a political standpoint.
I think, too, we want to keep in mind here that our primary concern really has to be
You're absolutely correct.
The way we handle these things.
We're talking about how we do it in terms of the leadership.
And this is something that we've discovered by ourselves.
This is a highly, highly technical matter, where it is barely ever called to explain it to an actual audience.
On the other hand, it might be explained to a particular audience.
Here's what I have in mind.
This is certainly a less important example.
I think that rather than looking for time,
the best thing to do would be to go into the movie time, in other words, 7 o'clock.
Now you've got that, you've got an audience which is 30 million, which is big enough, and you nominate the two of them.
But what I had in mind was that, I think it's worth considering, I had in mind that,
that once we get this thing worked out, that I would agree, we would agree, that the White House would request that I review the workbook, that you make the announcement.
I think there's some advantages to that.
I think, first of all, that it doesn't matter that it involves something that's highly specialized and technical to this people.
The second thing is, I think that you can do it with great respect.
and it's a pretty, uh, a, uh, pretty, uh, constant factor on, uh, the, uh, that I've brought my own, you know, I've crossed that bridge, and I think, uh, all of us have talked about this, and, uh, I recently, you know, I said, you know, rather than my own, you know, when I, I have people on quite a bit, you know, and I'm very active on, you know, on that, on various things, and, uh,
I think that there could be much to be said for the Secretary of Trade, who was the chief of the highest portion of the administration of our nation.
I don't know if he really managed to do it, but our dollars, the value of our dollars, are excellent for any people.
Now, it's a...
I think it would very much affect that way.
So he doesn't think about that.
Well, I think it should be done that way.
It should be done that way.
I think it requires more than that.
It requires reassurance.
Now, let's see how reassurance comes.
Rather than go off and say it.
Rather than however it's not considered to be a person who's quite, you know,
When I go on, for example, board policy, everybody knows that's what I'm talking about.
When I go on, that's basically the whole thing.
I know who I am.
I know who I am.
If you go on, Eddie, after all, you are the secretary of the church.
Who are you?
Who are these people?
You start with the high president.
He doesn't build up.
We don't have to describe that, but just keep that in the back of your mind in another approach.
If you walk out of those hours at 7 o'clock, and I take a break, I'll take a 10-minute break, 10-minute break, then I'll come to the commentators after the break.
They can catch all they want, but I think they have some advantage there.
But the way you can do it, I hate to waste the time, but why don't you waste the time for making things easier and easier?
and they know that it's about that.
They'll know that we will not be much of a time until 4 o'clock in the afternoon when we have to talk about the results of the revisions, which we did the other day in California from 4 o'clock, 7 o'clock, 1 o'clock to 2 o'clock.
Oh, one other thing I wanted to talk to you about briefly.
All the Macs and everything,
I have no problem with regard to, uh, beating him.
The only problem that, you know, when I, when I, uh, made this little, uh, strength act, uh, is that, uh, that it will raise you to a perfect health, right?
That it would go on a lot of other drugs, even, and, and take you to the pedophiles.
And if there's a way that we can tell each other that they look good in spite of us, uh, then we can go right ahead.
Right.
Right.
First, if there's any questions, you probably can ask all the firemen for the job.
Second, if there's any questions, if you could pick anybody else if you wanted to.
So, it's not a question really, it's a, it's a question that is, is to be, uh,
uh uh
I think you're the best one to do it.
I think you're the best one to do it.
I think you're the best one to do it.
I think you're the best one to do it.
I think you're the best one to do it.
I think you're the best one to do it.
And then we might just pop over there.
And we drop in and talk about grace.
And just lay it out for churches for us to listen to.
When you heard that he had love for her, and to me that's what you find.
You have no idea.
We want to have that.
But we'll keep state of it so that they don't have any.
And there's no problem with that.
Basically, we want to back her up to the extent that we care to be
uh, to know where the power is.
In other words, to at least look on, on some of these things.
And, uh, I didn't do that.
We just tell everybody to turn to state, uh, anybody else that, uh, uh, that's the way it's going to go.
But matter of fact, this is something that is, uh, who represents us in this bucket?
Do you?
Well, I, I would, uh, I would be wrong to, uh, uh,
I haven't heard that either.
You can chat with the owner, or we can all see one of them.
Yes, but I could, you know, invite you all.
But I said, the Secretary of the Treasury to be the lead force.
Yes.
Well, that's what we thought it was.
Yes.
And even when I keep my focus with her, and I have to do that, it seems to me that you're frankly not going to do the case to them.
They don't know about that situation.
They're going to have to go and read this contract.
I don't think, as a matter of fact, I don't think it's going to be all that extraordinary, but once it's done,
.
.
.
.
But I think that's probably why.
I don't know what to do with it at all.
As I say, the only alternative you have, number one, is to say to God, we don't want you to do it.
We have to put us in a place to do it.
He's dedicated to you.
He said that.
Step out.
But obviously, there'll be no one to step out.
I'm not sure.
And the only other alternative you have is to change your mind and more step out.
If you haven't, there'll probably be everything.
I don't care.
I don't know about the fact that he was, you know, I mean, I disagree with the way that the Pentagon arrested him, not with panic, but insofar as the war is going on.
But yet again, he's just evil.
I mean, he's a very competent professional.
And what the hell, uh, uh, so he died, I expect to have to pay a dollar and a quarter for a company like this.
That's about what it gets down to.
He's still a baker, so what the hell, he's not sure what he's doing.
I think they'll say that's what we're going to do.
We may want to be able to play some of their games in the sport.
the whole area.
Well, they've occurred to me in that respect too.
I was here this morning talking about the fact that the Queen probably ought to be moving away.
And there's quite a switch from all this multilateral aid thing back to more bilateral solutions.
You feel that way?
Absolutely.
Now, of course, that goes to the exact contrary to everything we've been saying since then, since the last war, since the rest of my career.
But, uh, but if we look at people all around the place, time after time, we come to a position where a bunch of this we have in our south-west American countries, our voters, our citizens, we can't be happy without to play our games.
I hear it way.
Of course you do.
We can go into a normal, a normal extent of what it was.
A conventional thing.
So don't look at us.
Don't look at them to solve our problems.
Use them as an excuse not to do things you don't want to do.
You just say, well, that's why we have this American bubble.
That's why we have the world.
That's why we have the reconstruction.
So use them as an excuse not to do things bilaterally that you don't want to do.
Whatever it is.
uh... uh... uh... uh... uh...
talk about that foundation.
Sure.
And we just want to take all those areas, you know, take a foundation like Fort Monday, look back and look at that whole circle of which there's no control over it.
Completely and completely against what the founders were foundationing for.
And that's not smart.
No, it really isn't.
But that's what's happening.
So we ought to move away.
I don't want to answer any questions you have.
I just want to move back into the Bible.
That was the situation we were in.
are pronounced to be right and only and that's actually repeating something i said as quickly as we can we ought to start really working on biological relationships
All of us, we ought to take this in if there's some problem with the organization of American states, God, American policy, how we ought to start really making it clear each time.
There ought to be a problem about it, but in the team, they all have, we ought to say to these people to wrap this up.
We're not going to preach about it.
We're not going to preach about it.
We're not going to preach about it.
or Ecuador, or Bolivia, or any of those countries are not worth being treated.
And if we, of course we're not worth being treated, we say we're a great charity, of course, but we, uh, we need to care, unfortunately, for many Latin Americans, uh, criticized for not having the quality of our state business.
that the United States should not be so close to Brazil.
Now, in the name of Christ, he's talking about what he's going to do about Brazil.
And others, the same folks, the same guy, the same church, will rise up.
We are opening up to China.
We're talking about getting along with Brazil.
They're our friends, sir.
Because they want us to take care of them.
That's right.
Oh, yeah, that's not a bitch.
But a security and development standard is no question better.
But the oil work doesn't get along with Brazil.
We're going to get along with many countries.
We'll get along with our choices about our country.
It's not going to be with regard to any of those countries.
Not with regard to their internal systems.
But what would they do with regard to the United States?
But yet they want to be in Georgia.
I don't even have to do that.
It's not the same thing with that part of the way to Castro.
It's what he does to us, and recently he walked through the things with Castro, and he's still screwing us.
That's true.
Everybody's screwing us.
And so we're manipulating him for him.
And I need to be led to that code of the national church.
Well, anyway, the, uh, the, uh, on this other thing, what do you think, what do you think, you think would be, uh, perhaps a lead to take that on to get this stuff presented?
Yes, sir.
I think we're going to lose $800 million next week.
We've got to pay up $850 million.
I don't think this is going to trigger it.
Now, we're doing this, right?
And I suspect that some of these requests have been made by the British and the French, not necessarily by the French.
They will pay all their debts, they say.
And they have a right to do that under all the international rules.
They're sniffing that they're doing this prior to this old treason.
So I think what they're doing is getting their house in order pretty well.
You see, to the extent that they feel like they came prior to the old treason, just in case sometimes.
Now, that being true, we were paid out and met all of our immediate problems through March and through most of September.
One of the reasons is these transactions.
So we, from our standpoint, we can go well into September without any problems.
But I don't think much can upset that.
So I think from the time that it now appears that we can go to the next week or the week after or any time, whether it's September or not, if it was waiting on us for the next week, then it probably ought to wait.
until September 10th, when I passed away.
So that'll be just before the international project on the world high seas and all the foreign missions that the financial ministry will be coming here anyway.
And then we get here a little early.
So at the end of that immediate negotiation, they can do it through me again and you can say, hello, Matt, I'll talk to them the next day.
Let me ask you a couple things.
... ... ...
I'm talking to him.
I'm going to make him feel fed and self-sufficient.
I had a man in mind.
I don't have anybody in mind, but I just want you to know that I'm looking at him, and I'm saying, did I agree that she doesn't play that game?
And I'm looking at him, and I've got two people that could have done the same thing already that I would have done.
Normally, this would go where I could, so I wish to meet you.
We'll be good.
I want to be a guy who's more interested in the job than the inflation.
That's what we need on that board.
I just want to speak out.
I'm just going to be a defensive guy.
That's it.
uh, so far the rage has developed, rather than, I guess, really disgusting, because it isn't something that, who is it?
I mean, well, I, I, he hasn't really raised, he hasn't raised the thing, because it's too sensitive, the thing, and we have to work out some things, but he has strong feelings about it, in a personal way, and so, and so, and so, I think that, uh, the, uh, the other thing, I'm sorry, I should have gone over this,
We have a problem with McCracken.
You know, we would like to make that a good scenario to go back to his university.
I am not going to say, you know, true, go back to town.
That still can be, can be changed.
I mean, I, because McCracken, McCracken is very effective, to put it mildly, in his public appearances.
If he were to go, he would put science behind him, who is much more effective as a lawmaker.
What do you mean?
I mean, is that the direction?
Do you think we should let him go, or should we keep him?
No, I would, uh, I would keep him for several reasons.
Uh, I would keep him first because I think he's a confident guy.
Yeah.
And what, what you need is advice from a general leader.
And that's a good response.
Uh, secondly, uh,
That's right.
That's enough.
That's enough.
Well, I told Jim Smith this morning that it mentioned to me, and I assume that he
You did not personally mention it, but I was very good.
After the radio, what we were going to do over, the groups were about 20 to 25, and you just lay it out, and get a lot of distance, get a little bit of review about things, because there's a hell of a lot about these things to talk about, too.
You know, we could, you know, we could, oh, our real problem here actually is that the world is floating our fears, and, uh, you know, over the other planet, they say in the, in the 61 to 64 area, that, uh,
and you look over the, well, virtually everybody is more on the mind, the inflation versus the problem.
But I take the point that you made, that our inflation is less than any other industrial nation in the world.
I guess it is for a certain amount of them.
And so we're doing something on inflation.
And when we look, what it seems to me
All those, the number of people involved, the number of people employed, there's so many good things.
And, uh, you got that car sale thing, you know, I read about that stuff out there.
Uh, this is the kind of thing, you know, it's not a black hole, but it has been a big thing.
It's truly a good thing.
Retail sales, I don't know, will come out this week.
It'll be good.
I'm sure.
I don't know what it's going to be.
But I'm fine with it.
You're still going to hang high, I think, with your foot.
Just stay true to the hang high.
But it's going to come down.
But, uh, I do think that we've got to, we've got to agree that you're such a small part of this, that you're the only answer we really got to burn, and not ban the birds.
I agree that we've got to be brought in on this one.
But, I'm going to have to talk to him.
I'm going to be pretty strong.
I will.
I will.
I will.
I will.
I will.
I will.
I will.
I will.
I will.
We have.
We have a huge opportunity in Peterson, and a crack in that.
But all the individuals in the MMPs, they just can't get rid of the problem.
So I said, all right, do some thinking on it.
That's all.
Now, I just have to argue that I didn't really do it.
One of the points that I would like to raise with you briefly, that it has to do with the progression by themselves, and it's not going to be done right now.
I mean, it may not be the chapter next week, or the next month, or the next three, or the next three, four months.
I think it would be extremely helpful if you put everyone in Los Angeles.
But if, on the basis of what people work out, if you could get the major power centers, now, basically, you're in Chicago, you're in Los Angeles, San Francisco, there's Atlanta, there's St. Louis,
There's Detroit, and Ohio, and Cleveland has to have it.
Actually, the New Yorker, Philadelphia, just named you.
Now, what I have in mind is that I'd like to have, to let Paul in, because he's probably the best judge in the world.
You would do the top television program.
You'll find all the different avenues, for example, on a Tuesday session on television in Los Angeles that you'll find on Face the Nation, even though it's no problem for you to do that either, but I invite Chicago to stay there too.
And those briefings on television kind of say enormous impact.
Enormous impact.
You don't need to get me around because I'm located in Rochester.
I think it's, I think it's uh, I think it serves the viewers right.
In terms of our self and country, you know, and how people know, uh, I think it's, I think it would be very reassuring that I, that I do first, I just do it in kind of a forum, and go into doing a forum.
and just, you know, do your speech.
Then you do television so that you get television on either end of press conference or do a major show that will be in prime time in a regional network.
And third, do some back-ends, in other words, some movers and shakers.
Now, I think about 10 cities, this could have been very, very salutary in the background.
It will also serve other purposes that we have in mind.
And if you were to do that, I'd like to have all of us start looking for good forums and so forth.
But I have some power that's not so heavy.
And I'll check with you.
I've been trying to see which is very heavy without any technical error.
And so go I.
I have, I believe, a commitment for the N.A.M.
in New York.
I believe that I have a request to the Economics Club.
I have two required speeches in Central Crystal.
These are nice conventions, but at least I'm fitted because I live in the town.
So, I've been finding the purpose really is to not to do those clubs.
Those clubs are fair to everybody.
I couldn't play out of that.
The purpose is...
to go on that team meeting, where I had the last one, and do the whole retake, or something.
And my theory is, I think, that the whole problem of the area campaign is very, very, very effective.
And it's basically, rather than riding around like a chicken with your head down, you know, doing everything drop-by that there is, recognizing that you, you go out,
You do one thing that's public, and that's to play a new TV in the mass audience.
And then the lower detailers, you can already get these millionaires.
And by the way, it's always good.
It's always good.
You can one day, you can really, really have a little talent.
Right?
Okay, thank you very much.
I'll try to get back to the Medi-Shield.
That was very, very, very well.
Thank you, sir.
Thank you.
Yeah, okay.