Conversation: 558-007
Prev: 558-006 Next: 558-008Start Date: Monday, August 9, 1971 8:37 PM
End Date: Monday, August 9, 1971 9:00 PM
Participants:
Nixon, Richard M. (President); McCracken, Paul W.; [Unknown person(s)]; Woods, Rose MaryRecording Device: Oval Office
Full Tape Conversation Start Time: 01:38:29
Full Tape Conversation End Time: 02:01:54
NARA Description:
On August 9, 1971, President Richard M. Nixon, Paul W. McCracken, unknown person(s), and Rose Mary Woods met in the Oval Office of the White House from 4:37 pm to 5:00 pm. The Oval Office taping system captured this recording, which is known as Conversation 558-007 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 558-7
Date: August 9, 1971
Time: 4:37 pm - 5:00 pm
Location: Oval Office
The President met with Paul W. McCracken.
International monetary affairs
-John B. Connally
-McCracken memorandum
-Length
-Delivery to President
-Stephen B. Bull
-Rose Mary Woods
-Paul Scott’s column
-Closing the gold window
-Treasury Department
-Contingency plan
-Planned action
16
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 558-7 (cont.)
-Timing
-Forthcoming meeting
-Council of Economic Advisors [CEA]
-George P. Shultz
-Leaks
-Possible US action
-Dollar floatation
-Closing the gold window
-Price of gold
-Gold
-Switzerland
-Position of dollar
-Undervaluation
-Impact on imports
An unknown person entered at an unknown time after 4:37 pm.
Refreshment
The unknown person left at an unknown time before 4:43 pm.
International monetary affairs
-Position of dollar
-Undervaluation
-Impact on political leadership
-International trade
-Liberal orientation
Rose Mary Woods entered at 4:43 pm.
-Memorandum by McCracken
Woods left at 4:44 pm.
-Herbert Stein
-Ezra Solomon
-Hendrik S. Houthakker
National economy
-Retail sales figures
-Compared to June
17
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 558-7 (cont.)
-Compared to 1970
-Consumer confidence
-Trends
-Consumer spending
-Money supply
-Rate of increase
-Arthur F. Burns
-Federal Reserve Board [FRB]
-Relationship to economy
-Timing
-Housing
-Subsidies
-Compared to unknown program
-Interest rates
-President's schedule
-Trips to Ohio, Iowa, New Hampshire and Maine
-Public mood
-Iowa
-Crowd
-McCracken’s family
-Size
-Capital goods
-Status
-Investment tax credit
-Depreciation
-Inventory levels
-President’s recent press conference
-Retail sales
-Unemployment statistics
-June and July 1971
International monetary affairs
-Forthcoming meeting
-Leaks
-Possible crisis
-Possible Administration responses
-Closing the gold window
-Dollar floatation
-International cooperation
-Burns
-France
18
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 558-7 (cont.)
-Germany
-Great Britain
-France
-Japan
-Alternatives
-Closing the gold window
-Impact on the dollar
-Gold supply
National economy
-Domestic action
-Wage and Price Board
-President's press conference previous week
-Economic uncertainty
-Abuse of power
-Possible wage and price action
-Freeze
President's schedule
-Stein and Solomon
McCracken left at 5:00 pm.