Nixon White House Tapes › Topic
Nixon Tapes on Gold standard
19 conversations · frequently with Nixon, Connally, Shultz, Sanchez
When Gold standard comes up
Related topics: Economic policyWage and price controlsInternational monetary systemWage-price freezeNixon administrationNew Economic PolicyArthur F. BurnsTrade policyLabor relationsJohn B. ConnallyInternational Monetary PolicyInternational Monetary FundInflationForeign Relations
President Nixon met with John Connally and Peter Peterson to strategize a bold, coordinated plan to address U.S. economic instability, specifically the trade deficit and the defense of the dollar. The participants discussed potential measures such as the cessation of gold convertibility, the floating of exchange rates, and the implementation of wage and price controls. They emphasized the need for strict confidentiality, the importance of maintaining Arthur Burns’ cooperation, and the political necessity of framing these actions as a display of strong, decisive leadership.
President Nixon met with George Shultz and John Connally to strategize on impending domestic and international economic policy, specifically debating the necessity and political timing of a wage and price freeze. The participants weighed the risks of global monetary instability and potential devaluation of the dollar against the need to restore domestic confidence and curb inflation. Nixon and his advisors explored various options, including closing the gold window and implementing tax adjustments, while emphasizing the importance of secrecy and keeping tight control over the rollout of any major economic reforms.
President Nixon met with John Connally and H.R. Haldeman to finalize a comprehensive economic program intended to stabilize the dollar and address international monetary instability. The discussion focused on the risks of premature leaks, specifically regarding media reports that could trigger global financial panic, and the strategic timing of announcing major policy shifts such as a potential wage-price freeze and changes to gold conversion. Connally and the President emphasized the need for absolute confidentiality among staff and Treasury officials to ensure the administration could implement its economic reforms as a single, cohesive package.
President Nixon met with George P. Shultz to orchestrate a comprehensive and dramatic economic package, including a wage-price freeze, the closing of the gold window, and potential import taxes. The President emphasized the need for strict message control to prevent leaks from officials like McCracken, Peterson, and Connally, which could trigger a run on the dollar. Shultz was tasked with preparing materials for Congressional testimony and coordinating with Arthur Burns regarding the implementation of the Wage and Price Board, with the President stressing that the effort must appear decisive to restore public confidence.
President Nixon and Secretary of the Treasury John Connally discuss the urgent need to address the destabilizing gold market and the potential for a major economic policy shift. The two evaluate various tactical options, including the possibility of a wage-price freeze implemented via executive authority to bypass congressional delay. They also debate the timing and sequence of announcing international monetary reforms, such as closing the gold window, versus domestic economic measures to mitigate market panic and strengthen their negotiating position.
President Nixon, along with Haldeman, Ehrlichman, Dean, and Ziegler, discussed the timing and format of announcing a new economic program, including potential television speeches, wage and price freezes, and import taxes. They also reviewed Ehrlichman's recent press briefing on declassification efforts related to historical foreign policy events like the Cuban Missile Crisis and the Pentagon Papers. A key decision point was whether to prioritize domestic economic measures or focus initially on international monetary stabilization by closing the gold window, with a preference emerging for the latter to manage international speculation and allow for a more positive domestic announcement later.
President Nixon met with John B. Connally, George P. Shultz, and other key advisors to finalize the details and strategy for his upcoming economic program, which centered on addressing inflation, international monetary instability, and the potential closure of the gold window. The participants debated the timing and logistics of announcing major policies, including a potential wage and price freeze, import taxes, and budget adjustments to stabilize the U.S. dollar. The discussion also addressed the need for rigorous preparation for a forthcoming meeting at Camp David to ensure a unified, decisive presentation of the economic package that would preempt negative market speculation and build public support.
President Richard Nixon met with John N. Mitchell to finalize preparations for the administration's major economic policy announcement, specifically the upcoming wage and price freeze. The two discussed key components of the new program, including tax incentives, budget cuts, revenue sharing, and the decision to close the gold window. They also coordinated the President's schedule, including an upcoming cabinet meeting and the rollout of his national address regarding these fiscal measures.
President Richard Nixon met to finalize and rehearse his upcoming televised address announcing the 'New Economic Policy.' The discussion focuses on his decision to impose a 90-day freeze on wages and prices to curb inflation, as well as his plan to end the dollar's convertibility into gold. These drastic measures were intended to stabilize the U.S. economy, combat international currency speculation, and boost domestic employment.
President Nixon and Representative Gerald Ford discussed the political and economic implications of the administration's newly announced wage-price freeze and broader economic policy shifts. Nixon explained his strategy for protecting the dollar, including the suspension of gold convertibility and the imposition of import duties, to address international trade imbalances. Ford expressed strong support for the domestic tax and spending components of the plan, while Nixon emphasized the necessity of these unilateral actions to force international monetary reform.
President Nixon consulted with economist Pierre Rinfret to gauge early reactions to his New Economic Policy announcement, specifically the newly implemented wage-price freeze. Rinfret expressed strong support for the measures, assuring the President that the business community would view the initiative and Nixon's direct involvement favorably. The two discussed the expected positive impact of these interventions on gold, income taxes, and private enterprise, with Rinfret committing his support to the administration's economic agenda.
On August 15, 1971, President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 11:22 pm and 11:24 pm. The White House Telephone taping system captured this recording, which is known as Conversation 007-151 of the White House Tapes.
President Nixon met with John Mitchell and Arthur Burns to discuss a range of sensitive political and economic issues, including potential Supreme Court appointments following Justice John Harlan's resignation and the administration's international economic strategy. The participants evaluated the challenges of currency realignment, the gold standard, and U.S. negotiating positions ahead of upcoming international meetings with central bankers and finance ministers. Additionally, they addressed the implementation of the administration's post-freeze 'Phase II' economic policies and the importance of securing labor cooperation to maintain public support for these initiatives.
President Nixon met with John B. Connally and Arthur F. Burns to establish a unified administration strategy for upcoming international economic negotiations. The President decided to avoid a formal speech to the International Monetary Fund, tasking Connally with presenting the administration's position while he focused on informal outreach to foreign delegates. They discussed the tactical use of the U.S. import surcharge, the potential for a transitional currency float, and the need to de-emphasize gold prices to maintain a firm negotiating stance against European and Japanese interests.
President Nixon and George P. Shultz discuss the inaugural meeting of the Pay Board and concerns regarding the necessity of allowing members to appoint proxies during absences. Due to the potential impact of pending economic discussions, including issues related to gold, Nixon instructs Shultz to coordinate with the Board to amend the executive order to authorize these proxy arrangements. This decision ensures continuity in board operations despite the impending unavailability of key members.
President Nixon met with his economic advisors (the "Quadriad") and Henry Kissinger to discuss international monetary policy, trade negotiations, and the upcoming Asian trip for John B. Connally. The group addressed the urgency of trade concessions, the complexities of gold convertibility, and the need to manage currency realignments while maintaining a firm U.S. negotiating position. Nixon provided specific instructions for Connally’s itinerary, emphasizing the need to reassure allies in Japan, Thailand, and Indonesia of U.S. commitment while avoiding being sidelined by State Department staff during sensitive private discussions.
President Nixon and Secretary of the Treasury John Connally met to strategize on impending international monetary negotiations and domestic tax legislation. Connally advised the President on the necessity of securing trade concessions and achieving currency realignment before agreeing to remove the import surcharge or modifying the gold standard. They specifically discussed the political strategy for upcoming bilateral meetings with foreign leaders, including French President Georges Pompidou, aiming to leverage US economic standing to reach a favorable multilateral agreement.
President Nixon and George P. Shultz discussed the successful Senate confirmation of Richard G. Kleindienst and upcoming Cabinet swearing-in ceremonies. The conversation shifted to critical budgetary concerns, with the President emphasizing the necessity of vetoing environmental and spending bills to curb excessive federal expenditures. Finally, they reviewed international monetary policy, specifically coordinating a stance on gold that diverged from the views held by Federal Reserve Chairman Arthur F. Burns.
President Nixon met with George Shultz, John Ehrlichman, and others to discuss international economic policy ahead of an upcoming International Monetary Fund (IMF) meeting. Shultz presented a systematic plan for currency convertibility and reserve management, which Nixon approved for use in his upcoming IMF address. The conversation also covered the potential for wage and price control adjustments following the 1972 election and finalized the decision to provide Secret Service protection for Senator Edward M. Kennedy based on specific threats.