570–7

Conversation No. 570-7

Date: September 11, 1971
Time: 12:59 pm - 1:13 pm
Location: Oval Office

The President met with Paul W. McCracken.

Dog

President’s schedule
-Legislation
-John D. Ehrlichman

US economic program
-International, domestic
-Gold
-Currency floatation
-Import surcharge
-Adjustment of exchange rates
-Effect on price levels
-US
-World
-Action on gold
-Price fluctuations
-Dollar devaluation
-Nonpublic information
-Public information
-Position
-Adjustment of prices
-Price of gold
-Speech
-US background history
-Changes in exchange rates
-Dollar devaluation
-Prices
 27

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-7 (cont.)


-Limit on devaluation or appreciation of prices
-Amount of money
-Nonpublic information


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BEGIN WITHDRAWN ITEM NO. 1
[National Security]
[Duration: 39s ]


JAPAN


END WITHDRAWN ITEM NO. 1

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-Changes
-US monetary issue
-Equivalency to the rest of the world
-US action
-Total adjusted exchange rate
-The President's conversation with Connally and Burns
-Surcharge
-State Department reactions
-Effect on US people
-Alternatives
-Exchange rate
-Change
-Percentage
-Surcharge
-Percentage
-Gasoline prices
-Effect of exchange rate
-Textile issue
-Peter G. Peterson
-Legalities
-Impact
 28

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-7 (cont.)


-Depreciation

Japan
-McCracken's contacts and friends
-Number
-Contact with Mr. [Forename Unknown] Anzai [sp?]
-Trip
-Time
-Speaking engagement at the Japan America Society
-Foreign policy procedures
-William P. Rogers
-Textile issue
-Relations with the US
-People’s Republic of China {PRC]
-Soviet Union
-Professor [Forename Unknown] Nishiyama
-Emissary
-Relations with the US
-Flexible dates for possible McCracken trip
-Wage and price discussion

US economic policy
-Wage and price freeze
-Freeze followed by a thaw
-Herbert Stein
-Effect on certain areas
-Confidence
-Deceleration of inflation
-Wholesale prices
-Consumer Price Index [CPI]
-Freeze
-Transition
-Thaw by sector
-Strategy
-Industries
-Phase II
-Details
-Transitions
-Commodities
-Leadership
-Inflation
 29

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 570-7 (cont.)


-Budget
-Monetary restraints
-Deceleration
-Inflation
-Trend
-Rise and rate
-Cause of action
-Effect
-The President's policies
-Cost of Living Council [COLC]
-Arnold R. Weber
-George A. Lincoln
-Connally

McCracken's tenure in office
-Flexibility
-Administration actions
-University of Michigan

McCracken left at 1:13 pm.