303–9

Conversation No. 303-9

Date: October 26, 1971
Time: 2:49 pm - 5:55 pm
Location: Executive Office Building

The President met with John B. Connally.


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BEGIN WITHDRAWN ITEM NO. 1
[Personal Returnable]
[Duration: 1m 31s ]


END WITHDRAWN ITEM NO. 1

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Connally's trip
-Date of departure, October 28, 1971

Meeting October 27, 1971 on military budget
-Henry A. Kissinger's schedule
-Union of Soviet Socialist Republics [USSR]
-Domestic concern
-Goal of US-USSR Arms Limitation Agreement

Soviet military concerns
-Arms Limitation Agreement
-The President’s assessment
-Congressional authorization for American arms
-Uses of Soviet weapons
-American responses
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Air Force
-Navy
-Army
-Vietnam
-Domestic political considerations

Meeting October 27, 1971 on military budget
-Connally's role
-Other participants
-George P. Shultz
-Caspar W. Weinberger
-John D. Ehrlichman
-Kissinger
-Alexander M. Haig, Jr.
-National Security Council [NSC]
-Melvin R. Laird
-Purpose

US foreign relations
-Arms control negotiations
-Effect of budget
-United Nations [UN] vote on Taiwan expulsion
-African nations
-Connally’s view
-UN general assembly
-William P. Rogers
-US contacts
-Mexican President
-Moroccan King
-Italian Prime Minister
-Head of Argentina
-African nations
-International monetary organizations
-Rogers
-Possible administration response
-Connally’s view
-Taiwan
-UN
 7

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Malta
-Surinam
-Togo


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BEGIN WITHDRAWN ITEM NO. 3
[National Security]
[Duration: 13s ]


PRC AND TAIWAN


END WITHDRAWN ITEM NO. 3

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-Portugal
-Greece
-South Africa
-Reaction by American people
-People’s Republic of China [PRC]
-Timing
-Vote
-Italians
-Canadians
-US strategy
-Rogers
-Meetings with foreign officials
-Multilateral financial agencies
-PRC
-France
-US funding
-UN
-Budget
-US policies
-Multilateral aid
-Expropriations
 8

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Wallace F. Bennett's conversation with the President
-Russell B. Long
-The President's forthcoming trip to the USSR
-PRC
-Japan
-Relations with foreign nations
-Chile
-African nations
-International economics
-Monetary situation
-Domestic considerations
-Regard of multilateral groups
-Connally's coming trip
-Japan
-PRC
-Textile negotiations
-North Atlantic Treaty Organization [NATO] nations
-Italy
-Abstention
-Germany
-Mexico
-Luis Echeverria Alverez
-Latin Americans
-Argentines
-Brazilians
-Chile
-Canadians
-Connally's coming trip
-Perception of US policy
-The President's trip o Moscow
-Purpose
-Europeans
-Economic matters
-Canada
-Mexico
-South America
-USSR
-PRC
-Europeans
-World wars
-Relations with PRC
 9

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Italians
-British
-French
-Belgium
-European community
-Trade with Eastern Bloc
-Domestic concerns
-Shultz
-Arthur F. Burns
-Hobart Rowen
-Connally
-Protectionism
-Adolf Hitler
-Connally's trip
-Japan
-Possible policies
-Western hemisphere
-Canada
-Mexico
-South America
-Brazil
-Argentina
-Colombia
-Australia
-Japan
-Indonesia
-Japanese
-PRC
-USSR
-Europe
-Supersonic Transport [SST]
-Jews
-US, USSR, Israel
-American-Soviet relations
-Europe's role in economic and monetary affairs
-Paul A. Volcker
-Group of Six, Group of Ten
-Japan, Canada, US
-Netherlands, Belgium, Great Britain, France, Germany, Italy
-Australia, Brazil, Indonesia
-Administration powers
 10

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Congress
-State Department
-Multilateral institutions
-Rogers
-Connally
-Peter G. Peterson
-Robert S. McNamara
-Pierre-Paul Schweitzer
-International Monetary Fund [IMF]
-InterAmerican Development Bank
-Treasury Department
-International Development Agency [IDA]
-African Development Bank
-Asian Development Bank
-Connally’s view
-Bilateral negotiations
-Foreign aid
-Otto E. Passman
-State Department
-Rogers
-UN vote on Taiwan expulsion
-Effect on the President's prestige
-Rogers
-George H. W. Bush
-Mood of America

The President's domestic position
-Mistrust of government
-Wilbur D. Mills
-Congress
-Welfare
-Work provisions

The President's foreign positions
-Chile
-UN
-Taiwan
-USSR
-Vietnam War

The President's domestic positions
 11

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Busing


The President's foreign economic position
-Japan, Canada, Mexico, Latin America, Australia
-European community
-Kissinger
-Connally’s view

US foreign policy
-US domestic concerns
-Trading partners
-Alliance for progress
-Edwin S. Cohen's conversation with Connally
-Philip H. Trezise
-Negotiations
-IMF
-Shultz

Legislation
-Bennett
-The President's previous conversation
-Tax bill
-HR 1
-Revenue sharing
-Welfare reform
-Reorganization

Economy
-Wage Board, Price Commission
-George Meany
-Statement's effect on economy
-George Boldt
-Pay Board
-Labor members' possible departure
-Meany
-Burns
-Shultz
-Wage and price freeze
-International economic predictions
-Organization for Economic Cooperation and Development [OECD]
 12

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Volcker
-Price of gold
-Congress
-Exchange rates
-Balance of trade
-Treasury Department
-Peterson
-Connally's efforts
-Japanese
-Germans
-Japanese
-PRC, USSR
-Trade arrangements with US
-Yen valuation
-Effect
-Tariffs
-Surcharge
-Canada
-Europe
-Canada
-Negotiations
-Latin Americans
-Germans
-France
-European common market
-Connally’s view
-Exchange rates

Manolo Sanchez entered at an unknown time after 2:43 pm.

Refreshments

Sanchez left at an unknown time before 4:50 pm.

Economy
-Europe
-Exchange rates
-US policy
-Congress
-Tariffs and quotas
-US trade
 13

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-US foreign trade
-Europe
-France
-Surcharge
-Trade with US
-Banking system
-Financial transactions
-Germans
-Great Britain, Italy
-Japanese
-Exchange rates
-Europe
-Paul A. Volcker
-Surcharge
-Edward R.G. Heath, Georges J.R. Pompidou, Willy Brandt
-Fixed exchange rates
-International Monetary Fund [IMF]
-US role
-Connally’s view
-Japan, Canada, Latin America
-Canada
-Floating exchange rate
-Shultz
-Connally's forthcoming trip to Japan
-Peter G. Peterson
-Latin America
-International exchange rates
-Peterson memorandum
-European economic community head
-Nathaniel Samuels
-Peterson
-Burns
-Jelle Zijlstra
-IMF announcement
-Connally's schedule
-Karl Schiller
-Possible Connally letter to Burns
-Possible Connally letters to finance ministers
-Volcker
-Europeans
-Japanese
 14

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-International concerns
-State Department
-Peterson
-Samuels
-Treasury Department
-Burns
-Council of Economic Advisers [CEA]
-State Department
-Responsibilities
-Treasury Department
-Peterson's role
-Shultz's possible role
-Treasury Department
-State Department, Commerce Department
-Commerce Department
-Maurice H. Stans
-Peterson
-Peter M. Flanigan
-Peterson
-Kissinger
-Shultz
-Paul W. McCracken
-Connally
-Peterson
-Need for reorganization
-Rogers
-Military policy
-Offset agreements
-Germany
-Canada
-Japan
-Trade matters
-Canada
-Automotive agreement
-Japan
-Exchange rates

Personnel in economic matters
-Shultz
-Burns
-Possible Quadriad meeting
 15

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Timing
-Connally's conversation with Frederick V. Malek
-Possible appointments to the Federal Reserve Board [FRB]
-Andrew F. Brimmer
-Rogers
-Malek's possible conversation with Burns
-Appointments to the FRB
-Appointments to the FRB
-Supreme Court
-Malek
-Earl Cotton [?]
-Tommy Thompson
-Cotton
-Background
-Views on Economic policy

The President talked with an unknown person [H. R. (“Bob”) Haldeman] at an unknown time
between 2:49 pm and 4:55 pm.

[Conversation No. 303-9A]

The President's schedule
-Shultz
-Executive Office Building [EOB]

UN
-Rogers
-Kissinger
-Bush
-Ronald W. Reagan
-Suggestion for television address
-India-Pakistan

[End of telephone conversation]

UN
-Reagan
-Suggestion for television address
-US foreign policy
-Pakistan
-Taiwan
 16

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Possible readmission
-Previous UN vote
-Connally’s view
-Comparison to Congressional legislation
-Malawi, Malta
-John N. Mitchell's suggestion
-Bush

The President's Foreign Policy Program
-Opportunities
-Connally’s view
-PRC, USSR
-Domestic opinion
-Rogers

George P. Shultz entered at 4:50 pm.

Salutations

Weather

The President left at an unknown time after 4:50 pm.

Schedule

The President returned at an unknown time before 5:03 pm.

UN

Connally's schedule

The President left at an unknown time after 4:50 pm.

International economics
-Peterson's memorandum
-Exchange rates
-Volcker's previous trip to Europe
-Volcker's negotiations
-Japanese, Germans
-Currency valuations
-Gold
 17

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-British, French, Italians
-News stories
-Germany
-Schiller
-European Economic Community officials
-Peterson's memorandum
-The President's possible actions
-Convertibility
-Connally's trip
-Japan
-State Department
-Kissinger, McCracken, Connally
-British, French, Germans
-Canadians

The President re-entered at an unknown time after 5:03 pm.

Manolo Sanchez entered at an unknown time after 5:03 pm.

Beverage orders

Sanchez left at an unknown time before 5:55 pm.

International economics
-The President's conversation with Shultz, October 25, 1971
-Staff organization
-Peterson
-European contacts with administration personnel
-Samuels
-Peterson
-Burns
-McCracken
-Volcker
-Peterson memorandum
-State Department
-Burns
-Peterson
-Volcker
-Balance of trade
-Implications for US
-Gold
 18

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Quadriad meeting
-Troika
-Possible outcome
-Discussions
-Money supply
-Meetings with Europeans
-Instructions for Connally
-Japan
-US policy
-Convertibility
-Burns
-Gold
-Monetary situation
-Japan
-Canadians
-Surcharge
-Western Hemisphere
-Africans
-Europeans
-Germans
-Goals
-Peterson
-Burns
-Zijlstra's discussions with European finance ministers, central bankers
-Federal Reserve System
-Views on the President's international policy
-Japanese
-Okinawa
-PRC
-Burns
-State Department
-Possible meeting with Japan, Europeans
-Fixed parity
-Convertibility
-Japan
-Connally’s forthcoming trip to Far East and Japan
-Okinawa
-Nobusuke Kishi
-Voice of America station
-Kissinger
-American bases
 19

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Kissinger
-US ambassador
-Connally’s forthcoming meeting
-William H. Sullivan
-US ambassador to Indonesia
-US ambassador to Japan
-Armin H. Meyer
-Treasury representative in Tokyo
-Negotiations
-Connally's meetings
-Sullivan
-International monetary discussions
-Peterson's memorandum
-Europe
-Convertibility
-Japan
-Revaluation
-Textiles, steel
-UN
-Europeans
-State Department
-Canada
-Oil issue
-Connally's contact with [unintelligible name] official
-Distribution within Canada
-Venezuela
-Commitment to US
-US ambassador
-Flanigan
-Surcharge
-Japan
-Western Europe
-Latin America
-South Africa
-Australia
-New Zealand
-Germany
-Revaluation
-French
-Belgium
-Netherlands
 20

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-France
-Britain
-Italy
-General Agreement on Trade and Tariffs [GATT]
-Agricultural policy
-John R. Petty
-Exchange rates
-Volcker
-Connally's trip to Japan
-Canada
-Volcker
-Latin Americans
-Mexico
-Echeverria
-Argentina
-Brazil
-US policy
-Africans
-Japan
-Brazil
-Argentina
-Bolivia
-Peru
-Administration organizational concerns
-State Department
-Europe
-Japan
-PRC
-Peterson
-Media coverage
-New York Times
-Newsweek
-US News and World Report
-Peterson
-Rogers
-Kissinger
-Peterson
-Kissinger
-Meetings and memorandum
-Leaks
-Camp David meetings
 21

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Shultz's role
-Quadriad
-Burns
-Europe
-Convertibility
-OECD
-Volcker
-Germans
-Schweitzer
-Burns
-Money supply
-Shultz's conversation with
-Advice to Nixon in 1960
-Robert B. Anderson
-Raymond J. Saulnier
-William McChesney Martin
-George T. Humphrey
-Quadriad
-Inflation compared with unemployment
-Burns
-Camp David discussions
-Support for administration's policies
-State Department
-Japanese
-Role of Connally
-Canadians
-Latin Americans
-Mexico
-Argentina
-Brazil
-South Africa
-Racial concerns
-Australia
-Balance of trade
-Great Britain
-New Zealand
-Indonesia
-Thailand
-Peterson's organization
-State Department
-Administration policy decisions
 22

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Peterson
-Kissinger
-Connally
-Schedule
-Possible meeting
-Shultz, McCracken, Ezra Solomon, Volcker
-Burns
-Quadriad meeting
-Volcker
-Money supply
-McCracken
-Council of Economic Advisors [CEA]
-Views
-Money supply
-Wage and price concerns

Economy
-Wage and price concerns
-Strikes by longshoremen, coal miners
-Labor Department
-New Orleans, Philadelphia
-Taft-Hartley Act
-CEA
-Economic analysts
-Time, Newsweek, Fortune
-Prognostications
-CEA
-Budget deficit
-McCracken
-Herbert Stein
-Money supply
-Wage and price controls
-International concerns
-Japan
-Canadians
-Shultz
-Flanigan
-Volcker
-Petty
-Assignment of responsibilities
-Shultz
 23

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 303-9 (cont.)


-Volcker
-[Unintelligible]
-Flanigan
-Oil
-Petty
-Canadians
-Latin Americans
-Japan
-Eisaku Sato
-Takeo Fukuda

Connally's schedule
-Meeting with Nixon and Kissinger
-Japanese trip
-Kishi

Economy
-International concerns
-Germany
-Economic policies
-France
-North American Treaty Organization [NATO]
-Kissinger
-US ambassador
-Shultz's schedule

Connally, Shultz left at 5:55 pm.