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Conversation: 558-009

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Start Date: 9-Aug-1971 5:02 PM

End Date: 9-Aug-1971 5:44 PM

Participants:

Nixon, Richard M. (President)Woods, Rose MaryShultz, George P.[Unknown person(s)]

Recording Device: Oval Office

Full Tape Conversation Start Time: 02:02:03

Full Tape Conversation End Time: 02:46:01

558a.mp3

558b.mp3

NARA Description:

On August 9, 1971, President Richard M. Nixon, Rose Mary Woods, George P. Shultz, and unknown person(s) met in the Oval Office of the White House from 5:02 pm to 5:44 pm. The Oval Office taping system captured this recording, which is known as Conversation 558-009 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 558-9

Date: August 9, 1971
Time: 5:02 pm - 5:44 pm
Location: Oval Office

The President met with Rose Mary Woods.


**********************************************************************

BEGIN WITHDRAWN ITEM NO. 1
[Personal Returnable]
[Duration: 11m 20s ]


END WITHDRAWN ITEM NO. 1

**********************************************************************


George P. Shultz entered at 5:13 pm.

     Letter
           -[Forename unknown] Walker
                -New York

Woods left at 5:15 pm.

     Schedule
          -Helena M. (“Obie”) Shultz
               -Trip to New England
                     -Nursing home
                          -Conditions
                          -Thelma C. (“Pat”) Nixon

     International monetary affairs
           -President's meeting with Paul W. McCracken
                 -Discussions
                       -Leaks
                            -Paul Scott’s article
                                         20

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                 Tape Subject Log
                                   (rev. 10/06)
                                                                     Conv. No. 558-9 (cont.)


                            -Closing gold window
                      -Shultz, John B. Connally, and the President
     -Possible run on dollar
          -Connally
          -France
          -Germany
          -Great Britain
          -Arthur F. Burns
                -Discussion with bankers
          -Leaks
                -McCracken, Peter G. Peterson, Connally
     -Possible Administration actions
          -Closing the gold window
          -Export and import tax
          -Wage and price freeze

National economy
     -Wage and price action
           -Shultz's preparations
                -Congress
                       -Hearings
                            -Shultz’s possible testimony

International monetary crisis
      -Connally
      -Possible Administration actions
           -Timing
                 -Closing the gold window
                 -Entire package
                 -Meeting
                       -San Clemente
                            -Shultz, Connally, and the President
                       -Burns
           -Leaks
                 -Peterson
                       -Wilbur D. Mills
                       -Value
                 -McCracken
                 -Connally
                 -Burns
                       -Shultz's schedule
                                        21

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                          Conv. No. 558-9 (cont.)


          -Burns
               -Tactics
                    -Gold prices
                         -Raising
                               -Consequences
                                    -Congress
                                    -Effect on prices
                    -Wage and price freeze
                         -Timing

National economy
     -Wage and price freeze
           -Public attitude
                 -Labor, business, consumers
                 -Analogy to Vietnam War
                 -Media
                       -Inflation
                 -Wage and price board
           -Timing
           -Wage and price board
                 -Possible name
                 -Burns
                 -Purpose
                       -Public relations
           -Possible effectiveness
                 -Duration
           -Wages
     -Possible difficulty in implementing
           -Automobiles
           -Produce
           -Women's apparel
           -Services
           -Rents
     -Duration
     -Scope
     -Interest rates
           -Home loans
     -Shock effect
           -Preparation for further action
           -Import tax
                 -Inflation
                                               22

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                    Conv. No. 558-9 (cont.)



     International monetary crisis
           -Import tax
                -Inflation
           -Milton Friedman
                -Flexible exchange rates
                -Inflation
           -Burns
                -Fixed exchange rates
           -Closing the gold window

     National economy
          -Wage and Price Board
                -Inflation
                -Duration
          -Public actions
                -Motivation
                      -Self-interest
                            -Business and labor

An unknown man entered and left at an unknown time after 5:15 pm.

     Ellsworth F. Bunker

     National economy
          -Possible Administration actions
                -International situation
                      -Dollar floatation
                            -Possible political effect
                            -Wage and price freeze
                -Automobile excise tax
                -Investment tax
                      -Congress
                -Possible budget cuts
                      -Imports tax
                -Federal pay raises
                      -Delay
                            -President’s announcement
                                  -Timing
                                        -Congressional session
                -Public confidence
                           23

         NIXON PRESIDENTIAL MATERIALS STAFF

                    Tape Subject Log
                      (rev. 10/06)
                                                Conv. No. 558-9 (cont.)


     -Vietnam war
     -Blacks
     -Environment
     -Consumer issues
     -Administration’s successes
          -Foreign policy
          -Blacks
          -Critics
          -Crime
          -Effect on media
                -Economic issues
                      -Congress
                -Wage and price freeze
-Budget cuts
     -Impoundment of funds
          -Debt
     -Family assistance
          -Fiscal years [FY] 72, 73
     -Revenue sharing
          -Possible savings
     -Federal government
          -Pay raise
          -Personnel cutbacks
     -Appearance
     -Congress
-Taxes
     -Investment tax credit
     -Automobile excise tax
     -Estimated cost
     -Personal income
          -FY 1973
                -Value added
-Budget
     -Department of Defense [DOD]
          -Navy
                -Moses Waltz [?]
          -Air Force
          -Army
          -Navy
          -Military bases
                -Caspar W. ("Cap”) Weinberger
                                               24

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                     Conv. No. 558-9 (cont.)


                                 -Location
                                      -Massachusetts
                                      -California
                       -Florida
                             -Unemployment
                             -Ohio
                                   -Testing center
                       -California
                             -Funds
                                   -John N. Mitchell
                                   -New Jersey
                                   -Donald H. Rumsfeld
                                   -Unemployment rate
                       -Unemployment
                             -Michigan
                             -Seattle, Washington
                             -New Jersey
                             -Kansas
                             -California
                                   -Aerospace industry
           -Shultz's forthcoming talk with Burns
                -Wage and price freeze
                       -President’s talk with Connally and Shultz
                       -Possible leak
                -Instructions for Shultz
                       -Burns’ memorandum
                       -Wage and price board

Shultz left at 5:44 pm.