479–4

Conversation No. 479-4

Date: April 14, 1971
Time: 12:21 pm - 12:40 pm
Location: Oval Office

John D. Ehrlichman met with Arthur F. Burns
Conv. No. 479-3 (cont.)
President’s location

Edward M. (“Ted”) Kennedy
-Unknown story

Alexander P. Butterfield entered at 12:22 pm


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[Duration: 1m 3s ]


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The President entered at an unknown time after 12:22 pm

Economic policy
-Ehrlichman
-President’s forthcoming conversation with Burns
-Paul W. McCracken
-George P. Shultz
-John B. Connally
-Troika
-Quadriad
-Burns’ position
-Future meetings

Butterfield left at 12:26 pm
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



Burns’ schedule
-Appointment
-Duration

Germany
-President’s meeting with Dr. Rainer Barzel
-Berlin negotiations
-Kurt Georg Kiesinger Conv. No. 479-4 (cont.)
-Opposition party
-Willy Brandt
-German treaty
-Union of Soviet Socialist Republics [USSR]
-Possible Berlin agreement
-Opposition party
-Brandt
-US position
-Federal Republic of Germany [FRG]/Soviet agreement regarding Berlin
-Possible consequences
-Nationalism
-Schizophrenia
-Henry A. Kissinger’s view
-Leftists
-Franz Josef Strauss
-US policy

Connally
-Burns’ view
-Burns’ forthcoming meeting with central bankers
-Asset to the President
-Manner
-Warmth, affection
-Confidence

Cabinet
-Loyalty
-William P. Rogers
-Melvin R. Laird
-John A. Volpe
-President’s conversation with Burns
-Treasury
-David M. Kennedy
 35

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-Economic team
-Burns
-Connally
-Connally’s speech to Southern California businessmen
-San Clemente
-Republican reaction
-Unknown man’s reaction
-George W. Romney Conv. No. 479-4 (cont.)
-Political ambitions
-1968 election campaign
-Connally

Balance of payments
-President’s conversation with Connally
-Dollar outflow from Germany
-Stabilization
-Connally’s forthcoming report to President
-[Balance of payments]
-Paul A. Volcker
-Consultation between Burns and Volcker
-Contingency plan
-Understanding between Connally and Burns
-Connally’s views
-Burns’ possible statement to central bankers
-No benign neglect of balance-of-payments problems
-Administration’s policy regarding inflation
-Firmness
-Budget increases
-Use of veto
-Discussions with labor
-Congress
-Needed legislation
-President’s interest in and awareness of problem
-Recommendations
-Burns’ conversation with Connally

Monetary policy
-Treasury Department activities
-Interest rates
-Connally
-Higher rates to bankers
-Flow of dollars to European central banks
 36

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-Contingency funds
-Tightened monetary policy
-Outflow of dollars
-Interest rates
-Treasury activities
-Balance of payments
-Money supply
-Growth Conv. No. 479-4 (cont.)
-Rate of growth

Economic indicators
-Retail sales
-Interest rates

Interest rates
-Administration’s objectives
-Short-term use
-Bond yields, mortgages
-Money supply
-Rise

Economy
-Steel situation
-Wage and price freeze
-Composition of board
-Public members
-Economics/politics
-Cabinet Committee on Economic Policy
-Authority
-Price index
-Wage and price review board
-Risk
-Cabinet Committee on Economic Policy
-President’s possible directive
-Inflation
-Authority
-Connally
-Maurice H. Stans
-Labor
-Commerce
-Labor
-Treasury
 37

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-Department of Housing and Urban Development [HUD]
-Transportation
-Wage and price board
-Cabinet Committee on Economic Policy
-Lumber
-Oil
-Construction
-McCracken Conv. No. 479-4 (cont.)
-Steel
-President’s experience in 1959
-I[lorwith] W[ilbur] Abel
-Unknown General Motors [GM] labor leader
-Inflation
-Danger of inaction
-Appeal to American people
-Possible administration response
-Cabinet
-Congress
-Steel
-Foreign competition
-Unions
-Older workers
-Wage and price review board
-Composition
-Cabinet committee

Burns’ trip to Europe

Ehrlichman and Burns left at 12:40 pm