273–7

Conversation No. 273-7

Date: August 12, 1971
Time: 3:11 pm - 4:20 pm
Location: Executive Office Building

The President met with George P. Shultz.

Shultz's conversation with Paul A. Volcker

Manolo Sanchez entered at an unknown time after 3:11 pm.

Request for H. R. (“Bob”) Haldeman to join them

Sanchez left at an unknown time before 4:00 pm.

International economy
-Convertibility of the dollar
-Daily volume
-Figure
-Switzerland
-Figures
 7

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 273-7 (cont.)


-Foreign currencies
-Swiss Franc
-Paul W. McCracken
-Speculation
-Dollar outflow
-Outlook
-Timing of decision
-Arthur F. Burns
-Daily volume
-Flexibility
-Negotiating position
-McCracken
-Volcker's view
-McCracken's call to Shultz, August 12, 1971
-Textiles
-General Agreement on Tariffs and Trade [GATT]
-John N. Mitchell
-National security option
-GATT
-Shultz's conversation with Mitchell
-Congress
-Timing
-Tariff or quota
-Imports
-Possible surcharge
-Camp David
-Timing of President's economic program
-Import tax
-John B. Connally's possible statement
-Treasury Department
-Volcker
-Wording
-International speculation
-Temporary action
-Closing gold window
-Timing of President's economic program
-Possible devaluation of dollar
-Reaction

Haldeman entered at an unknown time after 3:11 pm.
 8

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 273-7 (cont.)


Japan
-Forthcoming textile and International Monetary Fund [IMF] meetings
-Convertibility of dollar to gold
-Separation from domestic programs
-Import tax
-Textiles
-Possible action by administration
-GATT
-Devaluation
-Impact on balance of payments problem
-Prices
-Japanese automobile imports
-Textiles
-Timing of President’s economic program
-Convertibility of dollar to gold
-Timing of possible action
-Congress
-Connally's view
-Inflation
-Counter measures
-Inflation
-Wage and price freeze
-Exchange rate
-Possible wage and price freeze
-Tax package
-Import
-Excise
-Investment credit
-Wage and price freeze
-Devaluation
-Tax package
-Congress
-Gold window
-Import tax
-Wage and price freeze
-Tax package
-Balance of payments
-Expansionary economy
-Budget
-Import tax
 9

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 273-7 (cont.)


Space program
-Future
-Budget cuts

President's economic program
-Burns
-McCracken
-Burns
-President's forthcoming meeting with Connally and Shultz
-Connally's possible statement concerning convertibility
-President’s view
-Televised statement
-Volcker
-Convertibility of dollar to gold
-Duration
-Speculation
-Monetary system
-Exports
-Burns
-Timing
-Wage and price freeze
-Inflation
-Imports
-Textiles
-GATT
-Balance of payments
-Possible devaluation
-Import tax
-Devaluation
-Trade
-Surplus
-Foreign aid and military aid
-Reaction by other countries
-Japan
-Revaluation of yen
-Impact on dollar
-Germany
-Deutschemark
-Convertibility of dollar to gold
-Possible announcement
-Manner
 10

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 273-7 (cont.)


-Low-key
-Inflation
-Wage and price control
-Budget
-Possible news stories
-Hobart Rowen
-Milton Friedman
-Burns
-Possible conversation with Shultz
-President’s schedule
-Connally
-Council of Economic Advisors [CEA]
-Decision-making
-Shultz, Connally, Burns, and the President
-McCracken and Peter G. Peterson
-Volcker's views
-President's schedule
-Connally
-Shultz’s forthcoming talk with Volcker
-President’s view
-Domestic economy
-Relationship to international economy
-Inflation
-Expansion
-President’s schedule
-Burns
-Connally
-Volcker's views
-Wage-price freeze

Ziegler entered at an unknown time after 3:11 pm.

Shultz's schedule
-Burns

Ziegler left at an unknown time before 4:00 pm.

-Burns’ views
-Timing of decision
-President's schedule
-Burns, Connally, Shultz, McCracken
 11

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 273-7 (cont.)


-Herbert Stein
-Peterson
-Shultz's forthcoming meeting with Burns

Ziegler entered and Shultz left at 4:00 pm.

George C. Wallace
-School desegregation case
-Ziegler's conversations with Mitchell and John D. Ehrlichman
-Forthcoming hearing in US District Court of Northern Alabama
-Ziegler's forthcoming press briefing
-Administration’s position
-Possible statements
-Judicial status
-Constitution
-Jefferson County
-President’s previous statement
-Wallace
-Quoted
-Ziegler's forthcoming press briefing
-President’s previous statement
-Police powers
-Mitchell’s and Ehrlichman’s recommendation

Ziegler left at 4:12 pm.

-Busing
-Impact on individual student

President’s economic program
-Shultz
-Burns
-Volcker
-McCracken
-Connally
-Lt. William L. Calley, Jr.

Wallace
-Actions in desegregation case

Busing
 12

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 273-7 (cont.)


-Supreme Court decision
-Administration position
-Democrats
-Individual case

President's economic program
-Volcker
-Connally's knowledge
-Burns’ views
-Raising gold price
-Congress
-Connally

Haldeman left at 4:20 pm.