Conversation 739-006

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Now, this will go over here.

Get the new quadriad.

Let's get in here.

Let's see, George, you're here.

Let's see, Arndt is here.

That's Arndt.

You're just sitting here.

Yeah.

Fair enough.

Well, you'll need to find it.

Yeah.

Tell him, hey, I want him to give the summary, you know, give him some of that, that sort of thing.

The summary of Conway's conversations, well, the summary of Conway's conversations in Brazil, Argentina, Peru, and Venezuela, and get it to him in confidence.

This is very confidential.

I prefer to go a little bit political as well, you know.

My friend, Joe, for his, in other words, basically, eyes only had not to be conveyed to the massacres.

You see, we have a little sensitive situation here.

These are conversations he had, which I asked him to talk to people like Ben and Jude, and how they unburdened their souls, and what the hell they want, and so forth and so on.

Well, there you go.

So we have our first meeting in our quadrant.

Oh, it's always bad.

It's a little bit of a minus side or a little bit of a plus side.

Let's say it could be a hell of a lot worse.

You see how he's having a terrible time in the house.

He's having a terrible time in the house.

I'm going to tell you something.

He asked for it.

Did he?

Sure, he did.

What did he say?

His chancellor, the checker, stated, Tony Tucker, Tony Walker, stated that they're going to have to do this to get the bomb.

And they're not going to worry about it.

So anyway, the bomb has to be taken back.

or a denaturation is suspected in that sort of thing.

Hello?

John, I just wanted you to know, as an old friend from way back 25 years, I was delighted to see that the earlier terms were wrong.

One of our boys called me about 12 o'clock in the evening.

I said, oh, God, no.

But

Listen, don't, don't worry about how much.

Yeah.

Yeah, but I, yeah.

Well, I told them they, yeah.

Yeah, who's that?

Oh, come on.

Oh, a pretty good call.

You were hurting with that shirt?

Oh, well, I'll tell you who it is.

That's not all I'm going to do.

I'm going to carry it forward for you.

Yeah, but in the meantime, good luck.

Yeah, good to talk to you.

Good luck.

Bye.

I have to get really supportive for a patient.

I'm just going to be kind of serious about it.

That's what I'm going to do.

I'm pretty good at it.

It won't be that much bigger than that.

But go ahead, go ahead.

No more than that.

More than ten.

Ten times five.

Five times a day.

One day.

As they lost well over a billion last week, today, I recognize that the market is a little more quiet, but the loss of reserves is coming up.

Why say that?

It's what he said.

Why say it?

Let this be your policy.

When the time comes, you do it, yeah?

Who wants this trouble?

I'm sorry to see that.

He's been very slow.

Well, go ahead.

I'm sorry that I don't think we're in a situation like this.

I wonder if the program you want, if the program you want, a narrow American, helped us.

Well, we're not the only ones.

George Meany, who just came back from a week or so of prison, he spent some time with them.

He told me that he spent an hour and a half or so in the shadows.

Sure.

He did.

He just wanted to ask me what happened.

Thank you.

And I can't tell them I haven't had anything to do with it.

And on the British paper, I think that George was pleased to have an opportunity and was struck by the interest in the place prices.

If they're all looking to offer the model, I hope they're right.

Anyway, go ahead.

As I said in my memo, I think everybody now agrees we have strong economic expansion underway, and this was confirmed, surprisingly, by yesterday's

preliminary estimates of the second quarter GNP, which showed an annual rate of increase of 8%, which was much more, I think, than anybody had expected.

And it may very well turn out not to be true in the end, which meant that... Usually it's low.

But even if it is, even if there's an average discount, if it were 7, it would still be a very big increase.

And I shouldn't say more.

And we've been saying that we thought the rate of expansion would accelerate during the year.

We've now had some signs that it's actually happening.

My thought, my memo has been said, despite the fact that it was not going on at a rate, it was not likely to be going on at a rate, it was going to make a very radical reduction in the unemployment rate during the remainder of this year.

You said it could be down there.

At best, maybe by 5, or it's just likely to be by 9.

I guess it's likely, but it's been a little out of the box.

It could still be up there.

And even if it's 8% rate...

by kind of standard rule of thumb of the relation of unemployment to the rate of expansion of the economy would mean it continues with something like a decline of one tenth of a percent of the unemployment rate and that brings us in October down to, if we got that, it would bring us down to five, four, I think.

Yeah, so it would be, which comes down to November 3rd.

And the whole, so what I'm saying,

One can't make a very big bet on the expectation of a very substantial reduction showing up in the unemployment rate during the remainder of this year, although I think everyone expects some reduction to occur here during the end of the year.

On the price side, we now have, for at least today, the May Consumer Price Index.

Which will be up, which is about 3 tenths of a percent.

It doesn't compare with the zero in March, 2 tenths of a percent.

In April, was it 2 tenths?

Yes.

And they have...

And this one, we still have food down, the food is down one tenth of a percent in the May figure.

The big change is that the non-food commodity grew up about five tenths.

And some of that is used cars, but there are always some special things.

But still, we can't attempt to look at that number.

And this is funny, especially when we have ahead of us now the food price increase, the meat price increase.

Apparently, we've already had it since then.