570–4

Conversation No. 570-4

Date: September 11, 1971
Time: 12:07 pm - 12:53 pm
Location: Oval Office

The President met with John B. Connally and Arthur F. Burns: this recording began at an
unknown time while the meeting was in progress.

Press briefing
-Economic briefings
-Governors
-Cost of Living Council [COLC]
-Special interest groups
-Consumers
-COLC
-Meeting with Connally
-Interest groups
-Date

Gerald L. Warren entered at 12:10 pm.

Press
-Reporters
-Briefing arrangements
 17

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)



Warren left at 12:11 pm.

US economy
-COLC
-Progress
-Phase II
-Various options
-Business groups
-Agriculture groups
-Congress
-Planning
-Direction of administration
-Announcement
-Commitment to course of economic action
-Follow-up plan
-Speech
-Question of voluntary action
-Sanctions
-General principles
-Freeze
-Thaw concept
-Herbert Stein, Arnold R. Weber
-Action by the administration
-Congress

International economy
-European markets
-Dual exchange
-Free market
-Free exchange market
-Sanctions
-Investments
-Promotions
-Trading
-Exchange rate
-US
-Europe
-Japan
-France
-Belgium
-Switzerland
 18

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


-Great Britain
-Burns's forthcoming trip to Europe
-West Germany
-Position in world economy
-Burn’s strategy
-New controls
-Capital
-List of countries


Connally left at an unknown time after 12:07 pm.

US-Japanese relations
-Meeting with Burns
-Recent visit
-Dinner
-Currency revaluation
-Tax
-Percent
-Exports of US
-Total percentage
-Wider exchange
-Tourism
-Number of Japanese tourists in Hawaii
-Comparison to US tourists in Japan
-Guam
-Hawaii
-Number of Japanese tourists
-Comparison to mainland US tourists to Hawaii
-Expense
-Visitors from US mainland
-Japanese
-Number

Connally entered at an unknown time before 12:53 am.

International economy
-Projected action by other countries
-Export business
-Politics
-Possible problems
 19

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


-International monetary system
-US responsibility
-Hypothetical situation
-Realignment
-Effects on other countries
-Price of gold
-Possibility of price fluctuations
-Position of other countries
-Possibility of reduction of official price of gold in foreign currency
-Realignment of currency
-Exports
-Imports
-Effect of political situation in other countries
-Price fluctuations
-Percentage
-Dollars per ounce

US economic policy
-The President's conversation with Connally and Burns
-Paul A. Volcker
-Politicians
-Connally’s breakfast with unknown person
-The President's knowledge of economics
-Role of experts
-Price of gold
-Floating exchange rate
-Two tiers
-Standard depreciation rate [SDR]
-Experts
-Connally, Burns
-Paul W. McCracken, George P. Shultz
-Technical aspects
-Election in November, 1972
-US responsibility to the world
-Impression of office of the Presidency
-Past twenty-five year history of the US
-[Welfare] role
-US interests
-US interests
-Attitude toward US by foreign countries
-1960's
 20

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


-Dwight D. Eisenhower administration
-Vietnam War
-Japan
-The President's conversation with Finance Minister Takeo Fukuda
-Okinawa reversion issue
-Senate ratification
-Eisaku Sato
-Textile issue
-Exchange rate of Japanese yen
-Friendship with the US
-Peace
-Attitude of US population
-Handling of issues
-Textiles
-Okinawa
-Japanese national defense
-Investment, Trade balance, exchange rates
-Perceptions
-Great Britain
-Price of gold
-Exchange
-Call to the President from Connally
-San Clemente
-Edward R.G. Heath
-British interests
-Rolls-Royce
-Lockheed bailout
-Handling of international economic relations
-Henry A. Kissinger
-Great Britain
-West Germany
-Willy Brandt
-Berlin Agreement
-State Department
-Kissinger
-Anatoliy F. Dobrynin
-Ambassador [David] Kenneth Rush
-The President’s role
-Meeting with Christian Democrat [Rainer C. Barzel]
-Berlin
-Access
 21

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


-Relations between East and West Germany
-Brandt
-Agreement and political views
-Okinawa reversion
-Sato
-Relations with the US
-US options
-French
-Georges J.R. Pompidou
-Possible meeting
-US-French relations
-State Department
-Gen. Charles A.J.M. De Gaulle
-Funeral
-Italy
-Netherlands, Belgium
-US interests
-The President’s speech before Congress, September 9, 1971
-European markets
-Japanese market
-US needs
-Possible effects
-Possible strategy
-The President's record
-Greek-Turkish bill
-Marshall Plan
-[Christian A.] Herter Committee
-Reciprocal trade
-Foreign aid
-World responsibility
-People’s Republic of China [PRC] trip
-Political atmosphere
-Type of politics

Stephen B. Bull entered at an unknown time after 12:07 pm.

Charles G. (\"Bebe\") Rebozo
-H. R. (“Bob”) Haldeman
-Thelma C. (“Pat”) Nixon
-Camp David
 22

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


Bull left at an unknown time before 12:53 pm.

US economic policy
-US interests
-International role
-Attitude of American people
-Perceptions
-Connally's knowledge
-Burns's expertise
-Monetary policy
-Political nature of issue
-Monetary policy
-Views of bureaucracy
-State Department
-Treasury Department
-Federal Reserve Board [FRB]
-Council of Economic Advisors [CEA]
-American people
-Isolationist tendencies
-Perceptions
-Middle East
-Vietnam War
-Reaction to import surcharge
-Attitude of American people
-Wage and price freeze
-The President’s September 9, 1971 speech
-The President's administration
-Responsibility to American people
-Political background
-West Germany
-Anecdote
-Israel
-Comparison to Japan and Germany
-Europe
-Troop withdrawal
-US responsibility
-Surcharge
-Price
-Present time
-Time of year
-Effect of surcharge
 23

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


-Responsibility
-Effects of US economics on world
-Action
-World peace

US foreign policy
-International order
-The President’s talk before the Academy of Political Science
-US relations with other countries
-Monetary issue
-Trade
-Reaction
-Restrictions
-US relations with foreign countries
-Strategy
-State Department
-Responsibilities of other countries
-Japan
-Responsibilities of US leadership
-Previous examples of Roman and British Empires
-Political opponents
-Role compared to officeholders
-Isolationism
-Mansfield amendment
-Vietnam
-Europe
-The President's role
-US interests and priorities
-US responsibility
-Drain on resources
-US role
-Position in world
-Aid to US
-Japan
-Surplus
-Reserves
-Connally’s conversation with the Finance Minister
-British
-Fixed exchange rate for the US
-Tariff Agreements
-Non-tariff Agreements
 24

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-4 (cont.)


-US relations with free world
-US position
-International Monetary Fund [IMF]
-Japan
-Prices
-US responsibilities
-Return to old system
-Opposition by President
-Import surcharge
-Previous meetings with Takeo Fukuda, Kakuei Tanaka
-US relations
-The President's strategy
-Connally and Burns
-Trips to Europe
-CEA
-Contemplation of problem
-Policy directions
-Bureaucracy
-State Department
-Phillip H. Trezise
-Responsibilities and roles
-New ideas
-Asia
-Vietnam
-People's Republic of China [PRC]
-Soviet Union
-Bargaining

Cabinet meeting

Connally and Burns left at 12:53 pm.