Conversation 638-012

TapeTape 638StartWednesday, December 15, 1971 at 12:06 PMEndWednesday, December 15, 1971 at 12:07 PMTape start time03:16:39Tape end time03:17:58ParticipantsNixon, Richard M. (President); Volcker, Paul A.; [Unknown person(s)]Recording deviceOval Office

AI Summary

President Nixon consulted Paul Volcker to determine an appropriate figure for the number of major monetary crises experienced over the previous decade to cite in an upcoming speech. Volcker and others provided estimates ranging from three to seven, prompting Nixon to settle on the higher figure of seven to bolster his narrative. The discussion concluded with the President deciding to attribute this statistic directly to Volcker's expertise.

Monetary crisisUS economyPublic speakingInternational financeEconomic policy

Audio

NARA Description

On December 15, 1971, President Richard M. Nixon, Paul A. Volcker, and unknown person(s) met in the Oval Office of the White House from 12:06 pm to 12:07 pm. The Oval Office taping system captured this recording, which is known as Conversation 638-012 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 638-12

Date: December 15, 1971
Time: 12:06 pm - 12:07 pm
Location: Oval Office

The President met with Paul A. Volcker and an unknown man.

     US monetary crisis
         -Recent history
         -Speech

Volcker and the unknown man left at 12:07 pm.

Transcript (AI-Generated)

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 Do not cite this transcript as authoritative.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.

Paul, how many monetary crises, I don't need the exact number, but have we had in the last 10 years?

Seven or... Oh, probably seven.

We've had three.

We had the mark thing, we had the draft.

We had a sterling thing, we had a German thing.

That's two.

Why don't we say we probably in this baseline is kind of a tenuous one.

Over the last ten years, could I say that we've had seven major monetary crises?

Nobody can prove you're right or wrong.

I'm going to say that Paul Walker tells me.

I think I'll go on.

Yes, sir.

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