Secret White House Tapes

606–2

About this recording

606–2
  • President Richard M. Nixon
  • John B. Connally
  • Arthur F. Burns
  • Paul W. McCracken
  • George P. Shultz
  • Peter G. Peterson
  • Peter M. Flanigan
  • Stephen B. Bull
October 28, 1971
Conversation No. 606-2

Date: October 28, 1971
Time: 3:03 pm - 5:54 pm
Location: Oval Office

The President met with John B. Connally, Arthur F. Burns, Paul W. McCracken, George P.
Shultz, Peter G. Peterson, and Peter M. Flanigan.

Greetings
-Burns

Tricia Nixon Cox
-Schedule
-New York
-Edward W. Brooke
2

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


The President's schedule
-New York
-Chicago

Texas
-Connally's schedule
-Leonard F. McCollum
-Spiro T. Agnew
-George H. W. Bush

United Nations [UN] vote expel Taiwan
-The President’s view
-People’s Republic of China [PRC]
-South Africa
-Belgium
-South Africa
-Portugal
-African nations
-Asian nations
-Israel
-Middle Eastern nations
-Congo
-Latin America
-Arabs
-PRC

US foreign policy
-International Labor Organization [ILO]
-George Meany
-Taiwan
-The President’s view
-Meany
-Shultz’s view
-Arnold R. Weber
-Labor representatives
-Meany's suggestion
-James R. (“Jimmy”) Hoffa
3

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


Quadriad meeting
-Schedule
-Part One
-Peterson
-Flanigan
-International concerns
-Connally’s forthcoming trip to Asia
-Part Two
-Domestic situation
-Monetary policy
-International concerns
-Connally’s forthcoming trip
-Itinerary
-Japan
-Indonesia
-Thailand
-Saigon
-South Vietnam
-Peterson
-Working group

International monetary situation
-Timing for solutions
-Japan
-Currency valuation
-Connally
-Congress
-Business leaders
-Timing of negotiations
-Stock market
-Japan
-Canada
-Europe
-William D. Eberle
-France
-Georges J.R. Pompidou
-Surtax
-Germany
-Latin America
-Mexico
-Peterson’s view
4

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-French policy
-Germany
-Agriculture
-Connally
-Henry A. Kissinger
-Currency revaluation
-Gold price question
-Germany
-Japan
-US position
-International Monetary Fund [IMF]
-Monetary situation
-Convertibility issue
-Phase One
-Trade
-Less developed countries
-Mexico
-Taiwan
-Korea
-Trade surplus
-Effect
-Exchange rates
-Surtax
-Monetary situation
-Gold price
-France
-Surtax
-Japan
-Canada
-Europe
-European community
-Forthcoming summit
-Monetary situation
-Burden sharing
-Defense
-US role
-Loans
-Aid programs
-Japan
-Canada
-Europe
5

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Trade concessions
-Agriculture
-Domestic impact of negotiations
-1972 election
-Future trade legislation
-Eberle
-German offset agreement
-State Department
-Paul A. Volcker
-Connally’s view
-Trade
-Politics
-Agriculture
-Concessions
-Timing
-Political benefit
-Domestic agriculture prices
-Political considerations
-Burns’s view
-Price of corn
-Dock strike
-Ohio, Indiana, Illinois, Iowa
-Price of wheat
-Price of hogs
-Farm income
-Price of corn
-France
-Germany
-Willy Brandt
-Political parties
-Christian Democratic Party
-France
-Political consideration
-Socialists
-US relations
-Economics
-Middle East
-The President’s view
-US policy
-Pompidou
-Accumulation of gold
6

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Farmers and small shopkeepers
-Monetary situation
-Price of gold
-US dollars
-Francs
-Politics
-Price of gold
-Gaullists
-Monetary situation
-Gold prices
-Convertibility
-French domestic politics
-Peterson’s view
-Connally’s view
-Pompidou
-Devaluation
-Burns's view
-Burns’s previous conversation with French officials
-Francs
-Valery Giscard D'estaing
-Oliver B. Wormser
-Franc valuation
-Japan
-Great Britain
-Price of gold
-Effect of change in price
-Congressional interest in gold prices
-Henry S. Reuss
-William P. Proxmire
-Historical review of gold prices
-Inflation
-Market system
-Foreign nations
-South Africa
-Union of Soviet Socialist Republics [USSR]
-France
-Monetary situation
-Convertibility issue
-Gold
-Special Drawing Rights [SDR]
-Japan
7

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Great Britain
-France
-Germany
-Italians
-Great Britain
-Lord Leslie Kenneth O’Brien
-Anthony Lysberg, Lord Barber
-Civil Service
-Barber
-Burns’s view
-Connally’s view
-Edward R.G. Heath
-US objectives
-Gold prices
-Trade
-Japan
-Canada
-Trade
-Impact on foreign policy
-Peterson’s view
-Balance of payments
-Europe
-Group of Ten meeting
-European Economic Community
-Gold
-Volcker
-Gold prices
-France
-IMF
-Leaks
-Proxmire
-Reuss
-Monetary situation
-Exchange rates
-US goals
-Floating exchange rates
-Connally’s previous address to the IMF
-Party roles
-Effect on price of gold
-Gold issue
-Exchange rates
8

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Fixed compared with floating rates
-Trade
-Burden sharing
-Japan
-Canada

Stephen B. Bull entered at an unknown time after 3:03 pm.

The President's schedule

Bull left at an unknown time before 4:11 pm.

International Economy
-Separability of issues
-Canada
-Japan
-Currency
-Germany
-Goals for negotiations
-Realignment of currency parities
-Convertibility issue
-SDRs
-Trade
-Japan
-Tariffs
-Import quotas
-Canada
-Europeans
-Agriculture
-Monetary system
-Role of gold
-US dollar
-US concerns
-Monetary system
-Trade adjustments
-Burden sharing
-European views
-Convertibility
-Exchange rates
-Domestic politics
-Connally’s view
9

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Realignment of currency
-Impression of US gains
-Trade concessions
-Defense burden sharing

Bull entered at an unknown time after 3:03 pm.

The President's schedule
-Photograph opportunity

Bull left at an unknown time before 4:11 pm.

International economy
-US policy discussions
-Canada
-Europe
-Forthcoming US-USSR Summit
-Canada
-Europe
-Brandt
-Charles A.J.M. De Gaulle
-European security
-Middle East
-Japan
-Forthcoming US-PRC and US-USSR Summits
-France
-Domestic Politics
-Pompidou
-Giscard d'Estaing
-Connally's forthcoming trip to Asia
-Japan

Ronald L. Ziegler entered at 4:11 pm.

The President's schedule
-Photograph opportunity
-Connally’s forthcoming trip to Japan
-Location

Ziegler left at 4:12 pm.
10

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


Forthcoming Quadriad meeting
-Canada
-Japan
-Connally
-Schedule
-Discussions
-Burns

Public relations
International economics
-Japan
-Canada
-Trade
-McCracken’s view
-Trade compared to monetary situation
-Textile Agreement
-The President’s view
-Automobiles
-Japan
-Reaction in US on UN vote to expel Taiwan
-Delegate behavior
-Africans
-Ronald W. Reagan
-African nations
-Botswana
-State Department
-South Africa
-The President’s view
-Mexico
-Mexico

Schedule

The President, Connally, Flanigan, and Peterson left at 4:17 pm.

Economics
-Redemption of bonds
-Convertibility
-Price of gold

The President and Connally entered at 4:23 pm.
11

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)



Domestic economy
-Treasury Department
-Leading economic indicators
-Henry Morgenthau, Jr.
-Gross National Product [GNP]
-Third quarter figures
-Inventory
-Sales
-Money supply
-History of business cycles

Bull entered at an unknown time after 4:23 pm.

The President's schedule
-Forthcoming meeting with Henry A. Kissinger

Bull left at an unknown time before 5:02 pm.

Domestic economy
-Business cycles
-Recoveries
-Recession
-Factors in economic recovery
-Employment
-Length of work week
-Household survey
-Payroll figures
-Final sales
-Government compared with private
-Retail trade
-Consumer spending
-Business capital investments
-Burns’s view
-Investment tax credit
-Third quarter
-GNP
-Unemployment
-Investment tax credit
-Effect on economy
-Consumer demand
12

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Taxes
-Deductions
-Social security taxes
-Proposed increase
-Congress
-Fiscal compared with monetary stimuli
-Budget deficit
-Possible business stimulus
-Consumer spending
-Capital spending
-1972 election
-Investment boom
-Excess capacity
-Possible reduction of taxes
-Congress
-Business
-Feelings about wage and price controls
-Money supply
-Inflation
-Expenditures
-Agriculture
-1972 election
-Agriculture
-Price support for corn
-Dock strike
-Taft-Hartley injunction
-Local effects
-Price of corn
-Lake Charles, Louisiana
-Texas
-New Orleans
-Philadelphia
-New York
-Budget deficit
-Revenue sharing
-Outlays in politically critical states
-Michigan
-California
-Monetary situation
-Currency in circulation
-Rate of savings
13

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Federal Reserve system
-Savings deposits
-Federal Reserve system
-Loans and investments of commercial banks
-Business purchases of foreign currency
-US Treasury
-Individuals' purchases of securities
-Interest rates
-Federal Reserve policy
-Relationship to economy
-Prospects for 1972
-Money supply
-Wall Street brokers
-Concerns about liquidity
-Flanigan
-Previous announcement of wage and price controls
-Burns’s views
-Bernard J. (“Bunny”) Lasker
-Burns's possible meeting
-Mood of the nation
-Texas
-Money supply
-Citibank
-Interest rates
-Inflation
-Federal Reserve policy
-Recent performance
-Inflation
-Corporate profits
-Employment
-Corporate profits
-Capital investment
-Unemployment

Kissinger entered at 5:02 pm.

-Mood of nation
-Pay Board
-Price Commission
-Taxes
-Senate Finance Committee
14

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Personal exemption
-Wilbur D. Mills
-Interest and dividends
-Committee's guidelines
-Effect on Pay Board
-Ideal rate
-Inflation
-Effect on Pay Board
-Connally’s forthcoming trip to Asia
-Money supply
-Fiscal and monetary policies
-Post-freeze program
-Economy
-Third quarter compared to second quarter
-Private demand for goods and services
-GNP
-Interest rates
-Inflation
-Interest rates
-Expectations of the public
-Federal Reserve's policy
-Interest rates
-Private sector expansion
-Flow of funds
-Government deposits
-Savings deposits
-Historical perspective
-1960
-Steel strike
-James P. Mitchell
-Time, Life, Fortune magazines
-Burns
-Mitchell
-Burns’s view
-Federal Reserve system
-Taxes
-Unemployment
-Robert B. Anderson
-Maurice H. Stans
-Raymond J. Saulnier
-Mitchell
15

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-The President
-Unemployment
-Inflation
-Dwight D. Eisenhower
-Inflation
-Interest rates
-Political significance
-The President’s view
-Unemployment compared to inflation
-Inflation
-Compared to other industrialized nations
-World War II
-World War I
-Economy
-Inflation
-Objective for February 1972
-William McChesney Martin
-George T. Humphrey
-Conversation with the President in 1964
-Federal Reserve system
-1960

McCracken's schedule
-Tokyo
-Eisaku Sato
-Connally’s forthcoming trip

Burns, McCracken and Shultz left at 5:20 pm.

Previous conversation between Shultz and Connally
-Gold price
-Convertibility
-Possible memorandum from the President
-The President’s policy

International monetary situation
-Convertibility
-McCracken
-Burns
-IMF
-Jelle Zijlstra
16

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Netherlands
-Burns
-Zijlstra
-Volcker
-Views on gold
-Convertibility
-Peterson’s views
-Timing of negotiations
-International banking
-US foreign relations
-Connally’s views
-British
-Germans
-Policies' effect in 1972
-Revaluation of currency
-Surcharge
-Revenue
-Imports
-Revaluation of currency compared to trade
-SDR
-Gold prices
-Pay Board and Price Commission
-France
-Trade negotiations

US politics
-UN vote to expel Taiwan
-Democrats
-Connally’s view
-Lawrence F. O'Brien
-Racial make-up of party support
-The President's statement
-Portrayal of UN delegates
-Columbia Broadcasting System [CBS]
-Kissinger’s view
-Connally’s view
-Delegates

Connally's forthcoming trip to Asia
-Kissinger’s forthcoming memorandum to Connally
-Okinawa
17

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Sato
-The President’s instructions
-Voice of America [VOA] station
-American bases
-The President's conversation with Takeo Fukuda
-Japan
-Ratification of the treaty
-Vietnam
-Ellsworth F. Bunker
-Relationship with the President
-Kissinger’s forthcoming cable to Connally
-Talking points
-Indonesia
-Thailand
-Lt. Gen. T.N.J. Suharto
-Kissinger’s view
-State Department
-Soviet Union
-US assistance
-Level of assistance
-US Ambassador to Indonesia
-US-PRC relationship
-Indonesia
-Thailand
-Staff
-William H. Sullivan
-Herman H. Barger
-State Department
-Sullivan
-Kissinger’s view
-W. Averell Harriman
-Laos
-The President’s view
-The President’s instructions
-Sullivan’s possible participation
-Connally’s meetings
-Japan
-Suharto
-Barger’s possible participation in meetings
-Sato
-Participation of US Ambassadors in meetings
18

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Forthcoming letter from Kissinger to Sato
-Connally's relationship with US Ambassadors
-Vietnam
-Thailand
-Kissinger’s view
-Leonard Unger
-Thailand
-Thanom Kittikachorn
-US-Thailand relationship
-US role in Southeast Asia
-[Unintelligible]
-State Department
-Military assistance program
-Thanom
-The President’s view
-Nixon Doctrine
-US-PRC relationship
-US role in Asia
-Indonesia
-Thailand
-Military and economic roles
-South Vietnam
-Bunker
-Nguyen Van thieu
-Connally’s possible meeting
-Democratization
-The President’s view
-Francis J. Galbraith
-Suharto
-Indonesian Foreign Minister Adam Malik
-The President’s view
-Philippines
-Timing of Connally’s visit
-Ferdinand E. and Imelda Marcos
-Carlos P. Romulo
-US role in Asia
-Vietnam
-US objectives
-Japan
-Negotiations
-Burns's view
19

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-Convertibility
-European economic community
-PRC
-US role in the Pacific
-Thailand
-Indonesia
-Group of Ten
-The President's interest in the Pacific area
-Importance of the Pacific to US
-Supersonic transport [SST]

**************************************************************************

BEGIN WITHDRAWN ITEM NO. 11
[National Security]
[Duration: 12s ]


JAPAN


END WITHDRAWN ITEM NO. 11

**************************************************************************


-The President’s view
-Kissinger's forthcoming meeting with the Japanese Ambassador
-PRC

Connally's forthcoming trip
-Kissinger’s forthcoming memorandum
-Japan
-Okinawa
-The President's forthcoming visit to PRC
-US-PRC relationship
-US policy toward South Vietnam
-Thieu
-Thailand
-Suharto
-US policy
20

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)


-The President’s view
-Senate
-Congress
-US public opinion
-PRC
-Kissinger’s forthcoming memorandum
-Saigon
-Timing
-Bunker
-Sullivan
-Thieu
-Ngo Dinh Diem
-The President’s instructions
-US policy toward Thieu
-Sullivan
-Barger
-Forthcoming letters from the President
-Marcos
-Suharto
-Sato
-Participation of US Ambassador
-State Department
-Economic matters
-Fukuda
-Aircraft

Idanell (”Nellie”) Connally
-Participation in trip to Asia

Connally's trip
-Itinerary
-Elmendorf Air Force Base
-Adm. John S. McCain, Jr.
-Tokyo
-Saigon
-Nellie Connally

Connally left at 5:54 pm.

Kissinger's assignment
-Talking paper for Connally
21

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 606-2 (cont.)



Connally trip
-Sullivan
-The President’s view

Kissinger's schedule
-Forthcoming State Dinner for Josip Broz Tito

Kissinger left at 5:54 pm.
Secret White House Tapes |

606–2

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