409–2

Conversation No. 409-2

Date: February 1, 1973
Time: 6:07 pm - 6:41 pm
Location: Executive Office Building

The President met with George P. Shultz and Stephen B. Bull.

President's schedule
-Dinner for Edward R.G. Heath

Bull left at 6:08 pm.

Trade and economic matters
-The President’s knowledge
-Arthur F. Burns
-John D. Ehrlichman [?]
-Shultz’s judgment
-Agreement
-International monetary situation
-New York market [?]
-European market
-The dollar and foreign currencies
-Germany
-Exchange rates
-Devaluation
-Edward R. G. Heath
-Trade bill
-Edward M. (“Ted”) Kennedy
-Congress
 5

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. Aug.-09)
Conversation No. 409-2 (cont’d)




-The President's schedule
-California
-Wilbur D. Mills, Russell B. Long
-Cabinet meeting
-Quadriad
-Working relationship
-Burns
-Herbert Stein
-Burns
-Phase III
-Stock market
-Stock market
-Reactions
-Effect of Phase III
-Internal Revenue Service [IRS]
-Propose action
-Congress
-Legislation
-Salutary effect
-Market
-Milton Friedman
-Newsweek column
-Germany
-Trade imbalance
-Problems for US dollar
-Convertibility
-Germany
-France
-George J. R. Pompidou
-Helmut H. W. Schmidt
-Closure of Germany borders
-Monetary controls
-Control of gold market
-Burns
-Press story on background of action
 6

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. Aug.-09)
Conversation No. 409-2 (cont’d)




-Frank Dale
-Heath
-Employment and labor
-Trade [?]
-Kennedy bill [?]
-Cost
-Unemployment
-Unemployment compensation
-Federal standards of benefit levels
-Ways and Means Committee
-Republican opposition
-Frank E. Fitzsimmons
-Opposition
-Republicans
-Pension bill
-Termination
-Trade bill

Schedule
-Shultz’s arrival
-Ronald L. Ziegler

Trade and economic matters
-Labor bill
-Coordination with Ehrlichman, William E. Timmons
-Congress
-Unemployment compensation bill
-Republican opposition
-States’ rights
-Benefits standard
-Mississippi
-New York
-Schultz’s opinion
-Burns’s opinion
-Phase III wage and price controls
 7

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. Aug.-09)
Conversation No. 409-2 (cont’d)




-Agriculture
-Farm prices, farm income
-President’s schedule
-Future meeting with labor leaders
-California
-1972 election
-Labor’s relations with the President’s administration
-Paul Hall [?]
-Oil
-President’s meeting with John B. Connally
-Market
-Tankers
-Control of methods of transportation
-US tanker fleet
-Political benefit
-Tankers
-Liquefied natural gas
-Oil company reaction to proposed action
-Opposition
-Texas
-John G. Tower
-Canadian pipeline
-Alaska pipeline
-Tanker fleet
-Arrangement of program
-[Shah of Iran] Mohammed Reza Pahlaui
-Negotiations
-Access to US markets
-Companies
-Governments
-Japan
-Netherlands
-Great Britain
-Shah of Iran
-Oil imports
 8

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. Aug.-09)
Conversation No. 409-2 (cont’d)




-Harvard University
-William E. Simon
-Oil Policy Committee
-Congress
-Senate
-US oil production
-Natural gas and oil prices
-Connally [?]

Shultz’s schedule
-Call from Rose Mary Woods
-Dinner at White House
-Conflict with John J. Sparkman dinner
-Chairman Banking Committee
-Meeting with Heath
-Home
-Georgetown
-Arlington
-Prejudice

Shultz left at 6:41 pm.