Conversation: 578-004
Prev:  578-003 Next: 578-005Start Date: 24-Sep-1971 9:52 AM
End Date: 24-Sep-1971 10:29 AM
Participants:
Nixon, Richard M. (President); Haldeman, H. R. ("Bob"); Connally, John B.; Burns, Arthur F.; Recording Device: Oval Office
Full Tape Conversation Start Time: 00:43:19
Full Tape Conversation End Time: 01:21:38
NARA Description:
On September 24, 1971, President Richard M. Nixon, H. R. ("Bob") Haldeman, John B. Connally, and Arthur F. Burns met in the Oval Office of the White House from 9:52 am to 10:29 am. The Oval Office taping system captured this recording, which is known as Conversation 578-004 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 578-4 Date: September 24, 1971 Time: 9:52 am - 10:29 am Location: Oval Office The President met with H. R. (“Bob”) Haldeman. President's schedule -Forthcoming Florida trip -Washington Senators game -President's attendance -San Diego Padres -C. Arnholt Smith -Possible move John B. Connally and Arthur F. Burns entered and Haldeman left at 9:53 am. Reception by the President 9 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) Pierre-Paul Schweitzer -Possible invitation to reception -Connally -Impact -Credentials -Travel -Meetings with foreign leaders -Programs -Possible meeting with President -Result -Usefulness to administration -Intermediary -Initiative -Depreciation of money -Percentage -Japan -Friend US international economic policy -Reason for meeting between President, Connally and Burns -Cabinet members -Need for unified answers -Strategy -Europeans' attention -Conflicting position for US -Assistant Secretary, Secretary Maurice H. Stans, David M. Kennedy -European negotiating strategy compared to US negotiating strategy -Negotiations -President's, Connally's and Burns's role -United position -William P. Rogers -Nathaniel Samuels -Peter G. Peterson -International Monetary Fund [IMF] -Possible speech by the President -Conversation between the President and Connally -Preparation -US position -Connally speech -Reception by President 10 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -View of Peterson group, Paul A. Volcker group, State Department, Connally, Burns -Reception by President -Informal remarks -Time length -Questions at Detroit Economic Club -Connally speech -US position -Strategy -Fixed exchange systems -Option for future -Connally's speech -Offering of a plan -Discussion -Solutions -Avoid negativity -Issues -Import surcharge -Gold -Position of Connally and Burns -Changing the price of gold -Congress's approval -Protectionism -Domestic climate of opinion -Difficulties -Possible risks -Import surcharge -Possible removal -Restrictions -Free-floating currency -Transitional period -Advantages for free market -Deputy Prime Ministers of economics -Group of Ten -Revaluation -Removal -Reciprocal action by Europeans -Transition period -Free floating currency -Reactions by foreign countries -Risks 11 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -Problems -Re-alignment -Amount -Surcharge -Changing price of gold -Reasons -Re-alignment -Yielding by individual countries -Transitional float -Changing price of gold -Removal of import surcharge -Re-alignment -Market determination -Country determination -Japanese yen -Canadian dollar -German mark -French franc -Transitional period -Reactions -Risk involved -Yen compared to the dollar -Percent -Control of float -German mark -US position -Changes in administration -Import surcharge -Removal -Free floating currency -Capital controls -Reactions in foreign market -Stopping compared to starting controls -European countries -Intelligence -Relations with US -Comparison with US -US proposal -European Finance Ministers' possible reaction -Acceptance of conditions -More conditions 12 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -Quotas -Tariffs -Quotas -Oil import problems -Textiles -Steel -Agricultural commodities -European nations -Gold price -William Proxmire's views -House of Representatives -Henry S. Reuss -Capitol Hill -Reservations of price of gold -Debates -Increase of price -Amount of money -Percentage -Rewards to producers, speculators -South Africa -Soviet Union -France -Official price -Date -Current price -Charge -Date -Impact -Bargaining position -US interests -Price of gold -Economic significance -Political significance -European position -Need to de-emphasize -US position -Proposed solution -Rogers -Stans -Burns's role -United front 13 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -French -Germany -Japan -Possible conversation with Burns or Connally ************************************************************************** BEGIN WITHDRAWN ITEM NO. 3 [National Security] [Duration: 11s ] FOREIGN AFFAIRS END WITHDRAWN ITEM NO. 3 ************************************************************************** US international policy -Germany -Relationship with US -Conversations with Burns -Europeans -Relationship with Japan -Henry A. Kissinger -Willy Brandt -Berlin -Japan -Conversation with Earl Of Cromer -US policies toward Britain -South Africa -Rhodesia -Edward R.G. Heath -Conversation with Cromer -Jordanian crisis -Great Britain's position -Relations with US -Common Market 14 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -European Common Market -Great Britain -The President’s comments during 1969 trip to Europe -Economic aspect -Political future -Germany -France -Italy -Political responsibility -Position in Common Market -United trading unit -Number of people -Political issue -US position -Importance -Relationship with Great Britain -Economic and political considerations -France -Gen. Charles A.J.M. De Gaulle -Georges J.R. Pompidou -Connally's conversation with Kissinger -Great Britain -France -Germany -Japanese -US position -Relationship of politics and economics -Time frame for Common Market -January 1973 -France -Decision -Decision -International political considerations -US domestic political scene -1972 elections -Cabinet Room conversation -Anti-foreigner attitude -US interests -US deal -Timing -Importance 15 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -Possible speech by President -Connally -President's remarks -Reception -Governors' attendance -President's knowledge -Connally's knowledge -Possible reactions by foreign economic ministers -US domestic scene -President's effectiveness in comparison to foreign economic scene -IMF -Television coverage -Type of impact -US domestic issues -Connally -Burns -President's appearance -Remarks -Central Bankers of Group of 10 -Dinner given by Burns -Private dinner -Burns's home -Unknown person -Meetings with Burns -Previous Cabinet meeting -Time factor -David N. Packard -World governed by reason -Emotions -Foreign countries -Interests -Trade -Business pressures -Political problems -Central Bankers' analysis -Recession -Japan -Recession -Germany -Recession 16 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 578-4 (cont.) -Recession -Inflation -International recession -US role -Europe and Japan -Inflation -Comparison to US -US anti-inflation policy -Type -Comparison to other countries -Report to President -Quadriad meeting -Report from Burns to President Connally's schedule -J. William Fulbright John Foster Dulles Connally left at 10:27 am. Burns's schedule -White House dinner for Japanese -Haldeman's conversation with Burns -Rogers -Burns's attendance -Invitations -State Department -Japanese -Breakfast meetings -Japanese Burns left at 10:29 am.