558–9

Conversation No. 558-9

Date: August 9, 1971
Time: 5:02 pm - 5:44 pm
Location: Oval Office

The President met with Rose Mary Woods.


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BEGIN WITHDRAWN ITEM NO. 1
[Personal Returnable]
[Duration: 11m 20s ]


END WITHDRAWN ITEM NO. 1

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George P. Shultz entered at 5:13 pm.

Letter
-[Forename unknown] Walker
-New York

Woods left at 5:15 pm.

Schedule
-Helena M. (“Obie”) Shultz
-Trip to New England
-Nursing home
-Conditions
-Thelma C. (“Pat”) Nixon

International monetary affairs
-President's meeting with Paul W. McCracken
-Discussions
-Leaks
-Paul Scott’s article
 20

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 558-9 (cont.)


-Closing gold window
-Shultz, John B. Connally, and the President
-Possible run on dollar
-Connally
-France
-Germany
-Great Britain
-Arthur F. Burns
-Discussion with bankers
-Leaks
-McCracken, Peter G. Peterson, Connally
-Possible Administration actions
-Closing the gold window
-Export and import tax
-Wage and price freeze

National economy
-Wage and price action
-Shultz's preparations
-Congress
-Hearings
-Shultz’s possible testimony

International monetary crisis
-Connally
-Possible Administration actions
-Timing
-Closing the gold window
-Entire package
-Meeting
-San Clemente
-Shultz, Connally, and the President
-Burns
-Leaks
-Peterson
-Wilbur D. Mills
-Value
-McCracken
-Connally
-Burns
-Shultz's schedule
 21

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 558-9 (cont.)


-Burns
-Tactics
-Gold prices
-Raising
-Consequences
-Congress
-Effect on prices
-Wage and price freeze
-Timing

National economy
-Wage and price freeze
-Public attitude
-Labor, business, consumers
-Analogy to Vietnam War
-Media
-Inflation
-Wage and price board
-Timing
-Wage and price board
-Possible name
-Burns
-Purpose
-Public relations
-Possible effectiveness
-Duration
-Wages
-Possible difficulty in implementing
-Automobiles
-Produce
-Women's apparel
-Services
-Rents
-Duration
-Scope
-Interest rates
-Home loans
-Shock effect
-Preparation for further action
-Import tax
-Inflation
 22

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 558-9 (cont.)



International monetary crisis
-Import tax
-Inflation
-Milton Friedman
-Flexible exchange rates
-Inflation
-Burns
-Fixed exchange rates
-Closing the gold window

National economy
-Wage and Price Board
-Inflation
-Duration
-Public actions
-Motivation
-Self-interest
-Business and labor

An unknown man entered and left at an unknown time after 5:15 pm.

Ellsworth F. Bunker

National economy
-Possible Administration actions
-International situation
-Dollar floatation
-Possible political effect
-Wage and price freeze
-Automobile excise tax
-Investment tax
-Congress
-Possible budget cuts
-Imports tax
-Federal pay raises
-Delay
-President’s announcement
-Timing
-Congressional session
-Public confidence
 23

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 558-9 (cont.)


-Vietnam war
-Blacks
-Environment
-Consumer issues
-Administration’s successes
-Foreign policy
-Blacks
-Critics
-Crime
-Effect on media
-Economic issues
-Congress
-Wage and price freeze
-Budget cuts
-Impoundment of funds
-Debt
-Family assistance
-Fiscal years [FY] 72, 73
-Revenue sharing
-Possible savings
-Federal government
-Pay raise
-Personnel cutbacks
-Appearance
-Congress
-Taxes
-Investment tax credit
-Automobile excise tax
-Estimated cost
-Personal income
-FY 1973
-Value added
-Budget
-Department of Defense [DOD]
-Navy
-Moses Waltz [?]
-Air Force
-Army
-Navy
-Military bases
-Caspar W. (\"Cap”) Weinberger
 24

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 558-9 (cont.)


-Location
-Massachusetts
-California
-Florida
-Unemployment
-Ohio
-Testing center
-California
-Funds
-John N. Mitchell
-New Jersey
-Donald H. Rumsfeld
-Unemployment rate
-Unemployment
-Michigan
-Seattle, Washington
-New Jersey
-Kansas
-California
-Aerospace industry
-Shultz's forthcoming talk with Burns
-Wage and price freeze
-President’s talk with Connally and Shultz
-Possible leak
-Instructions for Shultz
-Burns’ memorandum
-Wage and price board

Shultz left at 5:44 pm.