Nixon White House Tapes › Topic
Nixon Tapes on International Monetary Policy
51 conversations · frequently with Nixon, Connally, Bull, Shultz
President Nixon and Secretary of the Treasury John Connally coordinated the release of an official U.S. statement regarding international monetary policy in response to speculative currency movement in West Germany. The discussion focused on maintaining existing exchange parities and reasserting U.S. commitment to international economic stability and balance of payments objectives. Connally confirmed that the statement would be issued regardless of ongoing efforts to reach German officials.
President Nixon and Federal Reserve Chairman Arthur F. Burns discussed the escalating international monetary crisis and the need for the administration to formalize a concrete policy strategy. Nixon pushed Burns, Paul Volcker, and Paul McCracken to develop a proactive plan rather than continuing to delay action, despite Burns' preference for postponing significant changes until later in the year. The President directed Burns to coordinate with Treasury Secretary John B. Connally regarding their ongoing communication with foreign officials.
President Nixon, Treasury Secretary John Connally, and Press Secretary Ronald Ziegler met to coordinate the administration's public messaging regarding ongoing economic challenges and international monetary policy. They discussed the necessity of maintaining a firm, positive stance on the stability of the U.S. dollar amid global speculation and emphasized the urgency of improving U.S. industrial competitiveness, particularly in the steel sector. Connally also outlined his planned public statements addressing labor and management responsibility to ensure the long-term health of the American economy.
President Nixon met with H.R. Haldeman, Henry Kissinger, George Shultz, and others to discuss recent legislative developments, specifically the House progress on a manpower revenue-sharing bill and the resolution of an impending rail strike. The group reviewed the President's recent meeting with business leaders, focusing on his stance on free trade and domestic economic priorities. Additionally, Nixon emphasized his refusal to be pressured into reactive international monetary policy changes and authorized the initiation of a new intelligence program.
President Nixon and George Shultz met with John Connally to discuss the resolution of the steel and rail strikes, emphasizing the need for an administration-led push for Congressional action on labor legislation. The participants explored a sweeping economic program that could include an import tax, investment tax credit, federal spending cuts, and a temporary wage-price freeze to combat inflation and balance-of-payments issues. They also coordinated strategy regarding an upcoming Senate vote on the Lockheed loan guarantee bill and discussed public relations for the administration's economic and social initiatives.
President Nixon and Press Secretary Ronald L. Ziegler met to coordinate messaging for an upcoming press conference and a scheduled trip to New York. The discussion focused on managing press expectations, specifically regarding the exclusion of radio and television coverage for the briefing and potential responses to international monetary volatility. Nixon expressed concern over handling inquiries regarding French efforts to control 'hot money' and its impact on the U.S. dollar.
President Nixon and George P. Shultz met to discuss preparations for a forthcoming meeting, focusing on the current international monetary situation and the potential for a perceived economic crisis. The participants also addressed pending HEW legislation, specifically evaluating the political feasibility of sustaining a potential presidential veto in Congress. Additionally, the President requested a review of retail sales figures to better gauge the national economic outlook before their next high-level consultation.
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 his senior advisors to strategize the timing and presentation of a major, upcoming national economic policy package. Discussions focused on whether to prioritize domestic measures like wage and price freezes or to address international monetary instability by closing the "gold window." Nixon expressed concern about appearing panicky and weighed the political benefits of delivering a televised address versus a more understated written announcement. Additionally, the group reviewed the success of a recent press briefing by Ehrlichman, which successfully shifted the media narrative regarding the declassification of government documents and the administration's stance on the Pentagon Papers.
President Nixon and Charles W. Colson discussed economic strategies, specifically focusing on the goal of restoring national prosperity compared to previous administrations. The conversation touched upon the correlation between unemployment rates and the reduction in the size of the Armed Forces. The participants also briefly addressed the international monetary situation and preparations for an upcoming phone call by the President.
President Nixon and Treasury Secretary John B. Connally discuss the positive public and media reception following Nixon’s televised address announcing a wage-price freeze and international economic policy changes. Connally confirms that the domestic focus on wages and prices successfully overshadowed complex international monetary issues, which the President intentionally downplayed to maintain public appeal. The two finalize plans for Connally to hold a live, televised press conference the following morning to maintain momentum and reach a broad audience, including the financial markets.
President Nixon and HUD Secretary George Romney discussed the administration's newly announced, bold economic program, commonly known as the New Economic Policy. Romney expressed strong support for the measures, including the ninety-day wage and price freeze, while Nixon clarified the mechanics of rent and dividend controls. The two men also addressed the potential public reaction to these policies and the administration's efforts to regain control over international monetary issues. Nixon concluded by instructing Romney to raise any remaining questions or concerns during the upcoming Cabinet meeting.
President Nixon and Nelson Rockefeller discussed the positive public reception of Nixon's recently announced wage-price freeze and international monetary policy. The two agreed on the necessity of revaluing foreign currencies, specifically regarding Japan and the Common Market, to ensure American economic competitiveness. Additionally, they arranged a breakfast meeting to address policy conflicts with HEW regarding welfare reform and the use of welfare recipients for state public service jobs.
President Nixon and Secretary of the Treasury John Connally discussed strategy for an upcoming speech to Congress regarding the administration's ongoing economic program and tax policy. The two agreed to maintain a hardline approach on fiscal restraint, specifically linking tax cuts to spending reductions, while dismissing opposition proposals like those from Edmund Muskie as desperate. They also coordinated on international monetary policy, agreeing to avoid premature intervention in negotiations with European nations and Japan to maintain U.S. leverage.
President Nixon and Henry Kissinger discussed the political and economic strategy surrounding upcoming international monetary policy negotiations. Nixon emphasized that the complexity of these issues transcends the capacity of Peter G. Peterson's staff and requires a more high-level strategic approach. The participants also reviewed recent input from Treasury Secretary John Connally regarding the communication strategy for the President's public addresses and impending calls with global leaders Willy Brandt and Georges Pompidou.
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 Federal Reserve Chairman Arthur F. Burns met to discuss the national economy, international monetary policy, and upcoming personnel appointments to the Federal Reserve Board. The conversation focused on managing economic indicators, navigating liquidity concerns, and coordinating with Henry Kissinger on international financial diplomacy. They also strategized on handling labor relations and potential wage-price policy announcements, while Burns presented candidates for upcoming Board vacancies.
President Nixon and Treasury Secretary John Connally confer on domestic economic policy, specifically the implementation and market reception of Phase Two of the administration's stabilization program. The discussion touches on the political necessity of adopting a firmer stance in public negotiations and the complexities of handling wage-price retroactivity. The two also coordinate upcoming meetings and communication channels with Henry Kissinger regarding international monetary and foreign policy issues.
President Nixon met with Henry Kissinger to discuss urgent administrative and foreign policy matters, including the passage of a continuing budget resolution and the management of ongoing congressional harassment regarding war powers amendments. The pair reviewed the status of international monetary policy negotiations involving John Connally and the positive diplomatic reception of the Chinese delegation at the United Nations. Additionally, Kissinger provided a briefing on the strategic mindset of Zhou Enlai ahead of the President’s upcoming visit to the People's Republic of China.
President Nixon and Secretary of the Treasury John B. Connally reviewed the results of Connally's recent diplomatic tour through several Asian nations, including South Vietnam, Thailand, Indonesia, the Philippines, and Japan. The discussion focused on bolstering foreign allies' confidence following the United States' recent economic policy shifts and the impending presidential visit to the People's Republic of China. The two leaders also addressed domestic economic concerns, specifically the administration's Phase II stabilization program and the ongoing struggle to secure foreign aid legislation against isolationist opposition in the Senate.
President Nixon and John B. Connally met to coordinate strategy for an upcoming speech in New York, focusing on defending the Administration's economic program and international monetary policy. They discussed the importance of presenting the U.S. as a strong, outward-looking leader in the global economy while managing domestic concerns regarding inflation and stock market performance. Additionally, they touched upon political vulnerabilities, including internal Cabinet weaknesses, the necessity of firm leadership regarding Vietnam, and the ongoing strategy for securing the release of prisoners of war.
President Nixon met with Peter G. Peterson, George P. Shultz, John D. Ehrlichman, H. R. Haldeman, and Henry Kissinger to discuss personnel changes and key policy initiatives. The President offered Peterson the position of Secretary of Commerce, emphasizing the need for a combative and effective advocate to handle public relations and congressional outreach. The group also deliberated on the political risks of the President addressing the AFL-CIO, explored strategies for upcoming international monetary negotiations, and reviewed the status of Vietnam peace talks following a leak regarding troop withdrawal numbers.
President Nixon and Charles Colson met to discuss various administration concerns, including the President's upcoming address to the AFL-CIO convention and strategies for managing press coverage regarding the national economy and Supreme Court nominations. The conversation also covered coordination with other officials, such as John Connally and Henry Kissinger, regarding international monetary policy, sanctions on Rhodesia, and the timing of future press conferences. The two also analyzed historical polling data to gauge public perception and formulate communication tactics for the President's policy agenda.
President Nixon met with John Connally and other key advisors to coordinate White House strategy regarding pending tax legislation, the administration's public relations response to criticism from labor leaders like George Meany, and complex international monetary negotiations. The President directed that the tax bill be handled firmly, expressing a willingness to veto unfavorable versions and potentially call a special session of Congress to force a resolution. Additionally, the participants discussed U.S. foreign policy toward the India-Pakistan conflict, agreeing to maintain a hard line while monitoring the situation through the United Nations, and established protocols for executive oversight of high-level economic missions to Europe.
President Nixon met with John Connally and Arthur Burns to coordinate administration strategy regarding upcoming international monetary negotiations and the President's scheduled diplomatic visits. The group discussed tactics for currency realignment and the potential for a managed devaluation of the dollar, balancing these global economic concerns with domestic political considerations. Additionally, the President and his advisors addressed the Federal Reserve's independence and communication failures regarding stock market policy, seeking to align messaging while maintaining public confidence in the administration's economic management.
President Nixon, Henry Kissinger, and H. R. Haldeman met to coordinate upcoming foreign policy announcements and manage public relations regarding the Indo-Pakistani War, Middle East arms policy, and the President's planned trip to China. Kissinger proposed a strategy for restricting military export licenses to Pakistan to maintain diplomatic flexibility, while the group discussed framing the administration's stance on the conflict to emphasize multilateral aid and the principles of the UN Charter. Additionally, the President and his advisors reviewed the administration's communication strategy for upcoming summits, international monetary negotiations, and a television profile, aiming to ensure favorable media coverage and solidify the President's leadership image.
President Nixon met with John D. Ehrlichman and George P. Shultz to coordinate administration strategy across a range of domestic and international issues. The discussion covered the upcoming veto of Office of Economic Opportunity legislation, fiscal planning and budgetary maneuvering to manage the national debt, and ongoing international monetary and trade negotiations. Additionally, the participants reviewed the President's upcoming travel schedule, personnel assignments, and positive media outreach, including strategic efforts to frame recent judicial appointments and economic policies in a favorable light.
President Nixon and Henry Kissinger discussed strategies to manage the India-Pakistan conflict, focusing on orchestrating a ceasefire and a potential joint U.S.-USSR appeal to preserve West Pakistan. They assessed the geopolitical risks to the upcoming Moscow Summit and agreed to maintain a hardline stance against Indian aggression, including providing financial aid to Indonesia to counterbalance India's regional influence. Additionally, the President issued instructions regarding an upcoming meeting with conservative members of Congress about the defense budget and authorized Kissinger to explore a potential international monetary deal with French President Georges Pompidou.
President Nixon and John B. Connally reviewed a busy schedule of administrative and geopolitical affairs, including the recent signing of the Revenue Act of 1971 and ongoing international monetary negotiations. The two men discussed strategy for upcoming diplomatic engagements, specifically focusing on how to pressure the French and Japanese for trade concessions while maintaining a diplomatic posture. Additionally, they addressed the escalating India-Pakistan crisis, with the President emphasizing the need to prevent the collapse of West Pakistan and questioning the commitment of the Soviet Union to regional stability.
In this meeting, President Nixon and his senior advisors, including H. R. Haldeman and John B. Connally, finalized their strategy regarding the recently negotiated international monetary agreement, often referred to as the "Azores Doctrine." The participants focused on managing public perception of the deal, emphasizing that it represented a successful and fair realignment of currencies rather than a unilateral devaluation of the dollar. Furthermore, they discussed the necessity of coordinating a unified message to the press through the Treasury Department and prepared for a briefing with Congressional leadership to solidify legislative support for their economic initiatives. The conversation also touched upon sensitive foreign policy matters, specifically the India-Pakistan conflict and the need to maintain delicate diplomatic relations with the Soviet Union and France.
President Nixon met with a bipartisan group of Congressional leaders to brief them on his recent diplomatic discussions with French President Georges Pompidou and the status of U.S. international economic policy. The conversation focused on efforts to address the global monetary crisis, the necessity of realigning exchange rates to restore the competitive position of American goods, and the importance of burden-sharing among trade partners. Nixon highlighted the recent breakthrough in negotiations with France as a critical step toward stabilizing the international monetary system and advancing domestic economic goals like job creation and inflation control.
President Nixon met with Alexander Haig and later H. R. Haldeman to review ongoing geopolitical crises and international economic negotiations. The discussion addressed the recent ceasefire in the Indo-Pakistani War, the administration's strategic posture toward the Soviet Union and China, and a delayed military response in Vietnam to avoid escalation during the Christmas period. Additionally, the President received an update from Secretary of the Treasury John Connally regarding stalled international monetary talks, focusing on recalcitrant stances from Italy, Japan, and Canada.
President Nixon and Treasury Secretary John B. Connally discussed the status of delicate international monetary negotiations occurring at a Group of Ten meeting at the Smithsonian Institution. Connally briefed the President on the difficulty of reaching a multilateral agreement regarding currency revaluations, specifically noting holdouts from Canada, Italy, and tensions between French and German positions. They agreed that if a final settlement could not be reached within hours, Connally should issue a positive public statement emphasizing progress and scheduling a follow-up meeting for January, while also establishing that trade negotiations must be finalized before the President’s January 20 deadline with Congress.
President Nixon and John B. Connally coordinated the President’s arrival at the Group of Ten meeting to mark the successful negotiation of complex international currency realignments. Connally advised the President to congratulate the delegates and escort them to the press to highlight the historic significance of their agreement. The two agreed that the President would deliver brief remarks emphasizing the unprecedented nature and difficulty of the achievement.
President Nixon met with Henry Ford II, Edwin D. Etherington, and others to discuss the funding, leadership, and programming of the National Center for Volunteer Action (NCVA), emphasizing the importance of private sector involvement to maintain the organization's credibility. Following their departure, Nixon met with Peter G. Peterson to strategize on trade legislation, specifically regarding the timing of gold price negotiations and the risks of protectionist measures in Congress. Nixon instructed the team to handle sensitive trade issues by utilizing an educational approach rather than risking legislative failures, while leveraging key aides to manage congressional and business expectations.
President Nixon met with his economic advisors and cabinet members to strategize the administration's approach to pending trade legislation and international monetary negotiations. A central focus was delaying the introduction of a trade bill until February to allow for ongoing negotiations with European and Japanese partners while avoiding negative links to the price of gold in Congressional hearings. The President emphasized the need for a long-term economic strategy and directed advisors to prepare a comprehensive plan for future trade expansion that would appease domestic protectionist concerns without committing to immediate, politically risky legislative action.
President Nixon and Secretary of the Treasury John B. Connally discussed strategic U.S. positions regarding international monetary policy, specifically maintaining firm control over dollar convertibility despite dissent from Federal Reserve Chairman Arthur Burns. They coordinated plans to exert economic pressure on Canada in trade negotiations to signal strength to Japan and Europe, with Nixon suggesting he might postpone a meeting with Prime Minister Pierre Trudeau to show dissatisfaction. Additionally, Connally briefed the President on India's financial aid to Bangladesh, prompting a plan to challenge National Security Advisor Henry Kissinger on U.S. foreign aid priorities during their next meeting.
President Nixon met with John Connally and John Ehrlichman to discuss high-level domestic and international economic policy, as well as political strategy regarding the ITT antitrust case and upcoming social policy decisions. Connally proposed radical ideas to address international monetary instability and domestic crime, including the possibility of a total currency exchange to catch tax evaders and criminals, and the implementation of strict controls on capital outflows. The participants also coordinated a messaging strategy for the ITT controversy, advocating for a more aggressive public posture, and reviewed pending decisions on Social Security and Medicare to balance budgetary concerns against political implications.
President Nixon and H. R. Haldeman coordinated the management of official statements regarding international monetary affairs. They discussed the necessity of presidential approval for upcoming remarks from administration officials Herbert Stein, Ezra Solomon, and Marina von N. Whitman. Furthermore, Nixon addressed the potential resignation of Nathaniel Samuels following a previous press conference.
President Nixon and H. R. Haldeman coordinated the messaging and scheduling for press briefings regarding John B. Connally’s upcoming address on international monetary policy. The discussion focused on ensuring that economic statements from the Council of Economic Advisers and other officials remained aligned with Connally’s position. Haldeman received instructions to consult with key figures, including Herbert Stein, Nathaniel Samuels, and Connally, to manage personnel concerns and maintain a unified administrative stance on economic affairs.
President Nixon and George P. Shultz discussed the necessity of managing international economic and monetary concerns, specifically following recent developments regarding the British pound. Nixon instructed Shultz to conduct a diplomatic tour of Europe to engage directly with key leaders, including Edward Heath and Georges Pompidou, to emphasize the importance of U.S. relations and current policy positions. Additionally, Nixon directed Shultz to coordinate with the British Ambassador to ensure that U.S. intentions were clearly communicated to the British government.
President Nixon praises John B. Connally for his skillful performance in a recent television interview, specifically commending his ability to handle aggressive questioning and his effective communication of administration policy. They review Connally's framing of key issues, including the international monetary situation, the Vietnam War, and economic strategy. The conversation concludes with a brief discussion regarding a potential outreach call to a political contact to assist the President's agenda.
President Nixon met with the Earl of Cromer, Sir Burke Trend, and Henry Kissinger to coordinate Western strategy regarding the upcoming European Security Conference and ongoing concerns about European nuclear planning. Nixon emphasized the necessity of maintaining a unified front with Britain, France, and West Germany to prevent the Soviet Union from exploiting potential divisions or illusions of détente. The discussion also addressed the international monetary situation, the importance of maintaining U.S. defense commitments despite domestic political pressure from the 1972 campaign, and the need for private diplomatic channels to manage these complex alliances.
President Nixon met with his economic advisors Arthur Burns and George Shultz, later joined by John Ehrlichman, to deliberate on fiscal policy and political messaging during the 1972 election season. The discussion centered on establishing a federal spending ceiling, managing the national debt, and formulating a strategy to counter Democratic candidate George McGovern's tax proposals. Nixon and his team specifically sought to differentiate their economic stance from their opponent by framing their own initiatives as "tax reform" while avoiding any perception of a general tax increase.
President Nixon met with Arthur Burns and George Shultz to coordinate the administration's economic response to a worsening international monetary crisis and trade deficit. The group finalized plans for a 6.5% dollar devaluation and discussed strategies to secure trade revaluation agreements with Japan and European partners. Additionally, they reviewed talking points for upcoming congressional testimonies, emphasized the need for continued wage and price control efforts, and addressed the potential bankruptcy of a railroad company.
President Nixon met with representatives from the National Association of Manufacturers (NAM) and later George Shultz to discuss strategies for promoting administration policies, specifically regarding federal spending, trade, and energy. The President emphasized the need for NAM to mobilize its grassroots membership to pressure Congress on fiscal responsibility and trade policy, while Shultz provided an update on the chaotic international monetary situation and the administration's defensive stance. Additionally, the President and Shultz consulted on personnel management, focusing on the need for Labor Secretary Peter Brennan to appoint loyal and competent managers and evaluating potential candidates like Patricia Hitt for administration roles.
President Nixon met with John Ehrlichman, George Shultz, and other staff to discuss economic policy, personnel appointments, and administration public relations strategy. The discussion centered on managing the ongoing international monetary crisis, the devaluation of the dollar, and the necessity of passing new trade legislation to address economic imbalances. Nixon emphasized a need for calm, steady leadership to combat public and corporate uncertainty, while also navigating labor relations with figures like Frank Fitzsimmons to build support for the administration's trade agenda.
President Nixon met with his aide Stephen B. Bull to review logistical details for upcoming executive engagements, including a Pentagon visit, a Cabinet meeting, and a briefing on international monetary policy. They discussed strategies for public relations regarding 'Operation Homecoming' for returning POWs and finalized scheduling for a meeting with Sir Christopher Soames. Additionally, the President issued instructions regarding an ongoing hijacking agreement with Cuba, opting to have the ambassador deliver a message rather than personally addressing the matter.
President Nixon and Henry Kissinger met to discuss international affairs, specifically focusing on a proposed Agreement on the Prevention of Nuclear War (APNW) and the potential for reforming the international monetary system. They reviewed the political implications of recent elections in France and Chile, and the President provided guidance on managing relations with the Cuban-American community following the Johnny Express freighter incident. Furthermore, the two discussed the President's upcoming foreign policy outreach, including potential visits to Latin America and Africa, and coordinated strategies for handling upcoming visits from world leaders such as Kakuei Tanaka.
President Nixon, George Shultz, and Henry Kissinger met to discuss international economic and diplomatic strategy, specifically focusing on the upcoming European monetary crisis and U.S.-Soviet relations. The group strategized how Shultz should handle European leaders, such as Helmut Schmidt, by providing leadership on currency stability without committing to unsustainable massive interventions. Regarding the Soviet Union, the participants agreed to prioritize trade and rapprochement while tactfully avoiding public focus on the issue of Soviet Jewry to ensure the success of pending trade agreements and upcoming summits. Additionally, the President provided guidance on managing relations with France during its upcoming elections and discussed administrative appointments and labor-management initiatives.
President Nixon, John Ehrlichman, and Stephen Bull coordinated a last-minute cancellation of a scheduled Cabinet meeting. The participants decided to issue a formal memorandum the following morning to notify Cabinet members of the change and the underlying rationale. Furthermore, they arranged for Treasury Secretary George Shultz to provide a briefing on the international monetary situation the following week to ensure leadership was properly informed.