Nixon & Connally on National Economy and International Monetary Policy

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You're going up to New York Bay on this one.

I want to talk to you.

Crack it down, please.

We will have to make the...

I just want to throw it out there.

The second point is

And for the end of this week, as you know, I kept Arthur completely off on this

And then after that, I told the planning against the Bay that we'll just wait.

And I think we're just going to play a very strong waiting game there.

And just get the people, whatever people view, they've got to be honest with us.

You know what I mean?

You've got to prove it.

I'm going to see Fred Madden tomorrow.

Oh, I just talked to him last night.

He's dying.

Of course, he made a commitment.

He's a fellow cop.

He's not going to get in a doubt.

Don't you think we ought to send him on a commitment?

I would.

I think I would.

Just to, of course, I think he's got a commitment.

He's going to make it.

He should have made a commitment.

He shouldn't do that.

He ought not to preempt your appointment.

He's got to put out a lot of stuff.

The second thing is that I mentioned to Pete the idea of putting out an album for Japan.

He's going to explore it.

If you want to hear from him, I'll see him tonight.

If you see him, you talk to him.

You're out of business with him.

And for us, he ought to consider that we, I haven't mentioned it to Roger yet, but I just thought we'd just get the thing done.

So there we go.

But another thing I'm interested to hear from you, we thought that, because I know you've been interested in the book, we might take this photo of Walter Thager and see if he'd take the name of it.

Walter Thager has certain qualities that, you know, he's an Easterner type.

He'll do what he is.

He's totally unseemly, but you don't see that.

I don't think Walter can and will do it.

I mean, he's too close to, I don't know.

He's got his job standing in those job stands all the time and so forth.

But we, I thought that'd be a good name, and so I told Pete to run that.

If I didn't tell you, I knew we didn't have time to talk about that.

Now, with regard to this situation here, it seems to me that, uh,

I think that our situation is at one of those points where it's a hell of a lot better underneath than it appears on the surface.

Do you agree with that?

I don't mean

The rate of inflation is going to be lower.

The rate of wage increases is going to be lower.

And frankly, especially the products overall can be better because productivity is bound to go up.

As far as water products are way up.

And they are going to be better.

the world, whatever happens, it is going to be better.

It's going to be improved.

It's going to be improved, of course.

My feeling is that this thing tonight, you've got a good chance to just talk in a very instructive way about what we think.

Things look promising.

Things look good.

You've been reading about everything that's wrong.

I thought there was something to the right about this.

This is a comparison, too, between

Not made in political sense.

68 was a bad time to buy stocks.

71's a damn good time.

I wouldn't put them in stock context, but a good time to invest in America.

The truth is, if you're investing in an economy that is loaded with war and inflation, it's a bad investment.

It looks good at the moment, but unless you're smart enough to get out in time, you're going to lose your ass.

But if you invest in an economy that is thinned out,

and with the inflation on a good weight-producing diet, by golly, it's going to be able to run pretty good.

And that's what we're talking about.

And I think we should.

How do you feel?

I'm going to make a very strong speech, defending the action, frankly taking on those who question the uncertainty, right?

And just saying, yes, there's uncertainty.

I'm certainly in a democracy.

I'm certainly in a free enterprise system.

We can get you there.

But when you do, you sacrifice your freedom.

And then I'm going to get on the International Monetary Bank.

And I'm going to hit it very hard.

And then I'm going to wind up what the president wanted to do and insure it.

The entire package that you proposed, August 15th, was to preserve the leadership of the United States in a free world.

And I'm going to say, if the United States abdicates that idea, who in this room would like to nominate a country to assume the grave?

I think the line to the other half of the union is an ultimate Jew.

that the United States, which is unhealthy economically, will not lead to any isolations.

The United States must be strong and healthy and outward-looking.

We are outward-looking and so forth, but the rules that we have to be fair.

And I think if you could leave the implied feeling that there are some things going on in the United States,

We're being outgoing.

We feel that something is going to happen, but a precipitant settlement for a patchwork substitute would be, after all this great, you know, dramatic effort, would be just welcome.

Well, I thought... You'll have Q&A, too, won't you?

I thought I'd lay it out at the end of the audience.

about what you hope to do.

And emphasize that we're going to wind up the speech with a whole trust in that myth that the only way that we extend the tide of tension and isolationism that is related to the United States is to do precisely what you recommended that we do.

This is one of the reasons you recommended it, because you have to make the country economically strong in order that we can continue to support the military effort and provide the security key

and in order that we can continue to drive the economy otherwise.

I have a good example.

I have a very good example of the United States' responsibility.

This administration is in the great agony going on in India, in Pakistan, India today.

The United States is providing more assistance than the rest of the world combined.

Goddamn, that's a yellow figure, isn't it?

Is this for India or not?

It's for regular activities.

We are providing more regular activities than the rest of the world combined.

dollars, but that's what the figures are.

Yeah, they're sitting on our ass.

And that includes the Communist Party and everybody else.

They're not up there.

Mr. President, I don't know.

Frankly, I don't think you should be concerned about that.

I'm not the least concerned about that.

I think you're doing extremely well.

I think...

They need to stay.

Don't you agree?

Yeah.

Go ahead.

One of the businessmen came in.

They constantly come in.

They talk to Walter.

I heard you title me directly, but they say, you know, what's wrong with that?

You know, what's wrong with changing bicycles?

Well, Walter said, for what?

For the info.

What do you mean?

Who suggested it?

And they'd all say, well, you know, we could give a little.

We'd say, we'd give a little.

We're the ones that have to have help.

You know, we're not the two.

And we're not presenting to give.

We've got to have some help.

But other than the whole thing that I did here, you don't know where this is.

It's possible, you know, meeting with the dog and the dog and popping it up together.

of the price of gold being the answer.

That's what Hartman's talking about.

That's what he wants to go back and .

That's what he's been on this for years.

I don't take my word for it.

He doesn't believe we should do it at all.

I know you were a little bit happy when you told me that in his talk, in his talk last night.

He said you were a little flexible on it.

You said, well, Lang, I'll give you a little something.

Well, sure.

That's a problem.

Not the police.

Well, I'm not a bird.

I'm not a bird.

My God, this is a major body weapon.

We ought to get everything we want to change the President's program.

And that's the only reason I'm being adamant about it.

I'm not really adamant.

Now, on convertibility, we talked to Cooper.

Yeah, we talked to Feller.

They talked to Solan.

Everyone else would say, don't go back to convertibility in terms that we know.

There we go.

And we periodically, we had seven of these comics a couple of days before I went on this trip.

And these were the ones.

Solan, and Macklin, and Feller, and Cooper.

And a couple more.

And they all say the same thing.

Don't go back to your brother.

He can't afford to.

Now, they don't care about gold, either.

Let me ask you to do this.

In your speech, I mean, Q&A or something, I'd like you to do so back away, because I think it would be extremely helpful.

If I need you to say who, then you return your credit.

I want you to say it, since you will do it.

the situation in Asia, the situation in the world of China, and that many of them are sure of some sort.

But they want me to think you know anything.

You know this man.

This man believes in American responsibility in the world.

He believes in international trade.

He wants America to be inventive and not intangible.

He believes, however, that we've got to, that America has to be healthy.

He knows that the protection of sentence, he's fighting it all the time in here, are rising.

And unless we make America competitive, we cannot sell.

As a politician, he knows we cannot sell responsibility in the world unless America is competitive, unless America gets a more fair rate of getting the day.

And on the other hand, we'll be reasonable.

We want to talk and so forth and so on.

But I don't want them to do this.

No, I don't want to.

I know you don't care about this, but I do.

I don't care.

The unfair way.

There's anybody else that's not in that cabinet, except I should have stood up and given one.

But I don't give you the unfair way out of it.

That you're out here, you know, being the dog, being son, being so forth and so on.

That I don't really, I mean, I'm the guy that put on the thing.

Of course we're going to be reasonable.

We're going to be like that.

And I think it's very important, too, as we're going on, that it is improper to say what the President and you have discussed a great length of tactics and strategy, a long-range plan, and so forth.

And I can assure you of one thing, General.

There is uncertainty now.

But I can tell you one thing.

When we have a new system, it will be a back system.

And that's what we're working for.

And we will never want it.

I didn't just let it out there.

It's cold turkey.

I think they need to hear that.

They need it.

Because here's what they read.

These bachelors of New York read high New York Times and Washington.

They don't have to look at it.

And they have impressions.

They're totally false.

And I think it's a crime.

I don't know.

But I couldn't agree more with you.

I just thought, and then John, I thought, well, I'm concerned about the stock market.

That's what my friend Joe Gallagher, that old Riley Bob, he knows a lot about the market.

You know what it's doing?

It's getting rid of the inflation.

But next year is going to be a goddamn good year.

Don't you feel like this, sir?

I should.

I think last year, I just think it would be great.

I just don't see any reason to.

Now the only weakness we have, we have only five weaknesses, sir.

Number one, you have a weakness within the administration itself.

counteract the opposition.

And secondly, we've got a problem.

Our response on this problem is one of those problems.

And it's a question of goodwill.

of just speaking out.

And this is what I'm going to do tonight.

I'm going to meet some of the critics.

I'm going to acknowledge some of the criticism.

I'm going to acknowledge some of the criticism in the international world.

And I'm going to defend it.

And I'm going to defend your position very, very strongly.

And I put the net of what I'm going to do is make you

An internationalist, where you're trying to preserve the power of the press to contribute to the freedom of mankind in this world.

Yes, but on that score that's speaking out, you still feel that Peterson would be a good idea?

Do you mean to Conrad Hummer?

Will he speak out?

Will he be a good spokesman?

I guess he would be a good spokesman.

I don't know the reason why he wouldn't.

I think I said, I don't know if he'd be the best that you can get, but I'd cut down hard to find the best.

That's right.

But I would say, also, he solved another problem.

He solved another problem, and I'd say he'd be good.

He's got all the credentials.

And I don't know, I don't know what commitments were made to him when he came here.

At least he's been here, he's been loyal.

But frankly, where you have, I don't know what you can do about it.

in one sense it's not about this but you've got a problem with with both uh with both bill and uh we've already decided we could go we were going to go down christ sakes i mean

and that's so goddamn irresponsible from that history.

I always say, well, you really have there two very weak reads, not a weak interface.

Goddamn weak reads, but on the other hand, you know you can't toss anybody out in this state.

That's right.

And I don't know how you can control your wife.

I don't think you can, except to run around.

And the only thing you can do is try to bolster your forces.

That's right.

Recognize that you have that kind of weakness, that you're not going to get all that you ought to be getting out of them today.

It's unbelievable, you know, they don't take anybody home.

I mean, that's something.

And you're getting ready for a tough campaign year.

And I don't care who it is, it's going to be tough because they have the numbers and you have the numbers.

And they have the sheer demagoguery.

And they'll say anything.

Like, for example, they said they'll take us on for being in a dance.

That's right.

Or not being in a dance.

Either one.

That politics, I understand it as well as they do.

All of them every day.

So we've got a lot of money here.

All we do is fight like a right.

That's what we're talking about.

I've got to find out.

I mean, I just, I was delighted.

You would have enjoyed a little session yesterday.

I was very encouraged, but I was toughest of all events, God said.

And I told these guys, you know, really, these are friends.

But mind you, John, on this throne, the Congress wants to write anything about prisoners, so why let them write it in?

I don't think you can do it.

No, you won't compromise.

No.

That's right.

And furthermore, you go to the country, you go to the country on the basis that you're not going to advocate on policy, the Constitution, give you the right to, you're not going to advocate.

You're not going to give you the right to give you the right to give you the right.

Not to simply have, well, we'll be allowed to offer, we virtually offer them six months' withdrawal already, you know, in exchange for prisoners.

But if they turn that down, see, if you put it in the legislation, that's all you get.

If they turn that down, then, you see, it's my intention to tell them, all right, if you don't do that, we'll have to take that recourse.

What is that recourse?

Well, we'll bomb military parks in North Vietnam.

That'll be tough.

And I raised all of the rest of the Chinese, but the American people will back us on that.

They'll bomb until they come back.

I'll be out of that bar.

And, uh, let's just see if I'm right.

Yes, sir.

Well, that's the point I'm making.

If we're going to get those prisoners back, I'll be out of that bar.

We're going to do it.

The thing that you have going for you now is the most critical thing in your whole political career for this state, and that is that you have been exhibiting a high degree of firm leadership.

That's the thing to do, and that's the thing to do.

And I don't care what the individual answer is, but if you may name that costume, it will look good on the line there.

What's that?

Nixon & Connally on National Economy and International Monetary Policy

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Nixon Library Finding Aid

Transcript (AI-generated)

Also recorded on November 16, 1971

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Nixon & Connally on National Economy and International Monetary Policy

AI Summary

Audio

NARA Description

Nixon Library Finding Aid

Transcript (AI-generated)

Also recorded on November 16, 1971

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Cite this conversation