547–9

Conversation No. 547-9

Date: July 27, 1971
Time: 12:15 pm - 1:09 pm
Location: Oval Office

The President met with John B. Connally and Peter G. Peterson.

Mamie G. Eisenhower
-Dream

Dreams
-Recollection
-The President
-Abraham Lincoln
-Anecdote about Cabinet meeting
-Dream on night prior to assassination
-Dwight D. Eisenhower
-Mrs. Eisenhower
-Dream

The economy
-Strategy for planned action
-Confidentiality
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Compared to the US -People’s Republic of China [PRC] initiative
-The President, Connally, Peterson
-George P. Shultz, Paul W. McCracken
-Arthur F. Burns
-Initiative
-Burns’ attitude
-Comparison with Connally, Peterson
-Japan
-Textile negotiations
-Burns
-Strategy
-Gold prices
-Possible action
-Effect
-Monetary situation
-Domestic, international action
-Wage-price action
-Paul A. Volcker
-Forthcoming meeting with Connally
-Imposition of wage and price controls in the U.S.
-Burns’ view
-International situation
-France
-Valery Giscard D'estaing
-Japan, Germany
-D'estaing's remarks
-Burns’ staff
-Interpretation

The economy
-Options
-Trade balance
-June 1971 figure
-April, May 1971 figures
-US gold reserves
-Situation
-Defense of the US dollar
-Gold reserve
-Amount
-Commitments
-Germans, Japanese, French
-Effect of action
 22

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Devaluation
-Options
-International Monetary Fund
-Proposed Presidential letter
-Dollar convertibility into gold
-Fixed exchange rates
-Float alternative
-Effect of action Conv. No. 547-9 (cont.)
-Cessation of gold convertibility
-Strategy
-The President's role
-International situation
-Effect of the PRC initiative
-Consequences of US action
-Leadership
-Options
-Import surcharge, export rebates
-Wage and price controls
-1972, 1973 budgets
-Negotiation with Japan, Germany
-US economy
-Revival of vitality
-Scope of action
-Possible action on wage and price control
-Burns
-Possible statement effect
-Timing of economic action
-Election
-Roles of administration officials
-Volcker, McCracken, Peterson, Shultz
-The President, Connally
-Burns
-Forthcoming meeting with Connally
-Peterson's schedule
-Republican leadership


Peterson left at 12:40 pm.

-Peterson
-Options
-Export rebates, imports
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Average person's reaction
-Jobs
-Consideration of domestic political effect
-International monetary situation
-Explanation to national television audience
-Timing of forthcoming speech
-Source of announcement of action
-The White House, the Treasury Department Conv. No. 547-9 (cont.)
-The President, Connally, H.R. (“Bob”) Haldeman
-Perceptions of the President
-Foreign policy
-Economy
-Connally's role as Secretary of the Treasury
-Source of request for television time
-World Bank presidency
-Robert S. McNamara
-Reaction
-Haldeman
-Barry M. Goldwater
-Pentagon Papers
-The PRC initiative
-Henry A. Kissinger
-Possible meeting
-Connally, Kissinger
-The President
-The State Department
-Treasury Department's role
-Goldwater
-Relations with Kissinger
-Aid
-Bi-lateral, multi-lateral
-Approaches
-International Monetary Fund, World Bank
-Foundations
-Ford Foundation
-International relations
-Europe, Japan, Southeast Asia
-Bi-lateral approach
-Brazil, Argentina
-Organization of American States [OAS
-Costa Rica, Brazil, Argentina, Honduras, Ecuador, Bolivia
-Frank F. Church
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Senate Foreign Relations Committee
-Statement about Brazil
-The PRC
-US stance
-Brazil
-Fidel Castro
-Timing of action
-Balance of payments Conv. No. 547-9 (cont.)
-Gold reserves
-French, British action
-Transactions
-International Monetary Fund
-September meeting
-Negotiations
-Federal Reserve Board vacancy
-Burns’ conversation with Shultz
-Candidates
-Orientation
-Jobs, inflation
-McCracken
-Departure from job
-Replacement
-Herbert Stein
-Connally’s view
-Jews
-Perceptions
-Department of the Treasury
-Bureau of Labor Statistics [BLS]
-Administration action
-Connally, Shultz
-Connally's conversation with James E. Smith
-Unemployment, inflation
-Trends
-Retail sales figures
-Burns
-International situation
-Germans
-Possible reaction
-McCracken, Peterson meetings
-Business centers
-Chicago, Los Angeles, San Francisco, Atlanta, St. Louis, Detroit, Cleveland,
Cincinnati, New York, Philadelphia
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Speech appearances
-Haldeman
-Regional television
-Haldeman's assistance in scheduling
-Campaigning orientation
-Idanell (Brill) (“Nellie”) Connally
-Burns
-\"Face the Nation\" Conv. No. 547-9 (cont.)
-Congress
-Press
-Charles G. (“Bebe”) Rebozo

Connally left at 1:09 pm.