Nixon White House Tapes › Topic
Nixon Tapes on International monetary system
29 conversations · frequently with Nixon, Connally, Shultz, Bull
President Nixon met with John Connally and George Shultz to discuss economic strategy, focusing on budget management and investment incentives for utilities. The participants weighed the budgetary implications of providing tax relief against the necessity of maintaining fiscal discipline amidst rising Congressional pressure for increased Social Security spending. Nixon emphasized the importance of maintaining public confidence in the economy and tasked Connally and Shultz with navigating these conflicting fiscal demands and international monetary pressures.
President Nixon met with Peter G. Peterson and Peter M. Flanigan to discuss a more aggressive U.S. economic and trade strategy, specifically targeting Japan's trade barriers and undervalued yen. The participants explored long-term economic planning, including the potential for protective measures in key industries like automobiles, while addressing the ongoing international monetary crisis and the relative strength of the dollar. The group decided to position Treasury Secretary John B. Connally as the primary administration spokesperson for these economic issues, with an emphasis on signaling a tougher stance to both domestic audiences and foreign governments.
President Nixon met with John B. Connally and George P. Shultz to discuss the international monetary crisis and the political strategy for securing Congressional approval for the Supersonic Transport (SST) and Lockheed funding. Nixon emphasized his refusal to sacrifice the domestic economy to stabilize the dollar, asserting that the administration should maintain a firm stance while allowing European nations to manage their own monetary issues. Furthermore, the participants strategized on building a coalition of Republicans and Southern Democrats to advance the administration's legislative agenda, specifically focusing on the upcoming appropriations votes.
President Nixon and his Cabinet met to receive a briefing on international affairs and domestic policy, with a focus on Secretary of State William P. Rogers' recent diplomatic travels to the Middle East and the feasibility of desalinization technology. Rogers reported on his efforts to stabilize the Middle East through ceasefire maintenance and discussed the geopolitical concerns of various regional leaders. Dr. Edward E. David Jr. and other experts presented a detailed plan to advance domestic water desalinization and nuclear power capabilities, with the President calling for a major, accelerated federal effort to ensure American technological leadership. The meeting concluded with a brief status report from Treasury Secretary David M. Kennedy regarding the current international monetary situation and the fluctuations of the dollar.
President Nixon met with Herbert Stein, George Shultz, John Connally, and Arthur Burns to discuss the state of the U.S. economy, specifically focusing on inflation, sluggish recovery, and steel industry negotiations. The group debated the potential risks of government intervention, including wage-price freezes, while also planning a strategy to better communicate budget deficits and fiscal policy to the American public. Additionally, Nixon emphasized the need for a unified administration voice on economic policy ahead of upcoming international monetary conferences, urging his team to maintain a confident and assertive posture regarding U.S. domestic economic strength.
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 and George Shultz discuss the current state of the U.S. economy, focusing on labor negotiations, potential strikes, and preparations for upcoming administrative briefings. Shultz reports on a recent meeting with Senators regarding wage-price policies and economic performance, while the two coordinate on avoiding a steel industry strike to prevent economic disruption. Nixon emphasizes the need for aggressive action to ensure a labor settlement and requests that Shultz leverage positive economic indicators, such as retail and automobile sales, to improve public sentiment.
President Nixon and George Shultz met to conduct an extensive review of the U.S. economy, focusing on current inflation, potential labor unrest in the steel and railroad industries, and upcoming international monetary policy decisions. Shultz updated the President on negotiations to prevent strikes, while Nixon urged caution regarding drastic administrative actions like wage-price freezes or ending gold convertibility. They also discussed federal budget strategy, specifically targeting defense spending, personnel salary grade inflation, and shifting the political blame for excessive government spending onto Congress.
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 and George Shultz met to deliberate on the implementation of a major new economic program, specifically focusing on the necessity of a wage-price freeze and a potential import tax to combat inflation and restore public confidence. They discussed the legal and political complexities of these actions, weighing the risks of such measures against the need for U.S. economic leadership and stability. Henry Kissinger joined the meeting briefly to coordinate on international affairs, including the Accidental War Agreement and diplomatic relations with China and the Soviet Union, before the conversation returned to the logistical challenges of the domestic economic agenda, including federal budget cuts and public communication strategies.
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 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 Secretary of State William P. Rogers discuss the immediate international and domestic fallout of Nixon's wage-price freeze speech and the suspension of gold convertibility. The two officials review the reactions of various foreign leaders, including Japan's Eisaku Sato and Canada's Mitchell Sharp, while assessing the political advantages of the administration's bold economic shift. Nixon expresses his intent to leverage this position of strength to overhaul the international monetary system and move away from the limitations of the Bretton Woods era.
President Nixon and David M. Kennedy discussed the strategic necessity of the recently announced wage-price freeze, agreeing that proactive executive action was essential to preempt adverse Congressional intervention. They reviewed the domestic and international economic pressures that necessitated the decision, noting that delaying the measure would have been politically and economically disastrous. The conversation concluded with Nixon encouraging Kennedy to travel to Europe to manage the international diplomatic fallout and reassure foreign partners.
President Nixon and Federal Reserve Chairman Arthur Burns discuss the immediate aftermath of the announcement of the wage-price freeze, expressing relief that the plan remained secret during its development at Camp David. The two leaders strategize on managing international monetary policy, with Nixon tasking Burns to maintain close control over Paul Volcker and Dewey Daane to ensure alignment with administration objectives. Finally, they plan to secure political support from Representative Wilbur Mills by offering him full credit for the initiative to ensure the program's success.
President Nixon met with his senior advisors, including John B. Connally and H.R. Haldeman, to formulate a strategy for promoting his newly announced "New Economic Policy" and to address political fallout. The participants discussed the necessity of maintaining a unified, aggressive message, specifically targeting Democratic critics like Hubert Humphrey and labor leaders who might oppose the administration's wage and price freeze. Connally was tasked with representing the administration's economic message to the media and Congressional leaders, while the group emphasized the importance of framing these economic measures as essential for bipartisan national interest and international monetary stability.
President Nixon convened a meeting with Vice President Agnew and a bipartisan group of Congressional leaders to discuss the national economy and his administration's "New Economic Policy." Key topics included the wage-price freeze, investment tax credits, the international monetary situation, and an import surcharge. The discussion focused on the necessity of Congressional cooperation for implementing these measures and their potential impact on inflation, trade, and specific industries like automobiles.
President Nixon met with John Connally and Arthur Burns to strategize on U.S. economic policy and international negotiations regarding the global monetary system and trade. The President emphasized that while he would rely on the technical expertise of his advisors, his primary goal was to project strength and prioritize American national interests ahead of the 1972 election. Nixon instructed Connally and Burns to resist the influence of the established bureaucracy and to maintain a firm, unified front when bargaining with foreign leaders over currency revaluation and import surcharges.
President Nixon, Pat Nixon, and the Cabinet met with their spouses to discuss the implementation and public perception of the administration’s New Economic Policy. Secretary of the Treasury John Connally led a comprehensive briefing on the wage-price freeze, tax reforms, and international monetary adjustments aimed at curbing inflation. The discussion emphasized the necessity of these economic measures for restoring national growth, managing federal expenditures, and building public and congressional support for the administration's program.
President Nixon met with H. R. Haldeman, Henry Kissinger, and other staff to coordinate communications and legislative strategy, specifically focusing on the announcement of a planned Soviet summit and the importance of timing to manage press and congressional reactions. They discussed the effectiveness of congressional lobbying efforts, including recent successes in the House, and debated the strategic timing and format of a proposed "Western Summit" involving key allies. The President prioritized controlling the narrative through deliberate, sudden announcements and emphasized the need for direct communication with heads of state via personal letters to maintain diplomatic influence without compromising the administration's strategic agenda.
President Nixon and Henry Kissinger met to discuss Treasury Secretary John Connally's recent activities, including his role in international monetary negotiations and his candid assessments of the administration's performance. Kissinger reported that Connally expressed frustration with internal disloyalty and the perceived lack of resolve within the State and Defense Departments, suggesting that the administration's failure to defend the President's policies left them politically vulnerable. The two also addressed legislative concerns regarding the Boland Amendment and future strategies for re-engaging with the international economy, specifically regarding gold convertibility and potential monetary policy shifts.
President Nixon met with Paul McCracken and George Shultz to review current economic performance, particularly regarding GNP growth and unemployment, while also discussing the urgency of negotiations within the international monetary system. Nixon expressed deep frustration with the American business community, characterizing corporate leaders as timid and lacking the fortitude he observed in other nations. The meeting also addressed McCracken’s planned departure from his role and the search for a successor, with the group emphasizing the need to maintain pressure on the Federal Reserve regarding the money supply.
President Nixon met with key advisors, including H.R. Haldeman, Henry Kissinger, Charles Colson, and John Connally, to strategize on public relations, international diplomacy, and his upcoming travel schedule. The discussion centered on managing the press fallout from Nixon's recent speech to the AFL-CIO, coordinating announcements regarding foreign trips to countries like the PRC, and addressing international monetary and military issues, particularly regarding Vietnam and the Middle East. Nixon emphasized the importance of controlling the public narrative and timing announcements to maximize political advantage while balancing his cabinet members' roles.
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 Treasury Secretary John Connally speak with Ambassador Walter Annenberg to discuss upcoming diplomatic meetings and the status of international monetary negotiations. Annenberg shares his observations on European perceptions of the U.S. economic position, while Connally emphasizes the American effort to secure a fair deal regarding trade and balance of payments. The participants express mutual admiration and exchange holiday greetings as they prepare for the President's scheduled meeting with Prime Minister Edward Heath in Bermuda.
Vice President Spiro Agnew met with members of the Nixon Cabinet and congressional leadership to provide a detailed briefing on his recent diplomatic and trade-focused trip to the Soviet Union. The discussion centered on potential economic collaboration, the strategic importance of trade with the Soviets, and the ongoing international monetary negotiations regarding the devaluation of the dollar. Participants debated the risks of transferring technology to the Soviet Union, the necessity of bipartisan congressional support for upcoming trade and fiscal legislation, and the impact of the U.S. surcharge on global trade relations.
Treasury Secretary John B. Connally briefed President Nixon on the ongoing international negotiations to address the global monetary crisis and the devaluation of the dollar. Connally reported significant progress in securing a 16.9% devaluation agreement with the Japanese while detailing the status of negotiations with European partners, Canada, and Sweden. The two discussed the difficulty of finalizing a formal memorandum of agreement, with Connally stressing that the interconnected nature of these currency adjustments required a delicate, high-pressure approach to ensure a successful resolution.
President Nixon met with Treasury Secretary George P. Shultz to review the administration’s economic agenda, specifically focusing on international monetary instability, wage and price controls under Phase III, and proposed labor legislation. They discussed the political necessity of addressing trade imbalances and the potential for a new trade bill to bolster market confidence. Additionally, Nixon and Shultz evaluated energy policy, including the strategic importance of developing a U.S. tanker fleet and increasing domestic oil and natural gas production to reduce reliance on foreign markets.
President Nixon met with his economic advisors—including George Shultz, Arthur Burns, and Paul Volcker—to discuss the state of the domestic economy, concerns regarding inflation, and the ongoing volatility in international monetary markets. The participants debated the merits of federal intervention in currency exchange rates versus allowing a transition to a more flexible floating regime. Nixon emphasized that any economic strategy must account for his broader foreign policy objectives and the need to maintain strong political relationships with European allies, ultimately tasking Henry Kissinger to join the group to further weigh these options.