Conversation No. 606-1

Date:  October 28, 1971
Time:  Unknown between 1:48 pm and 3:03 pm
Location:  Oval Office

The President met with Alexander P. Butterfield.

The President's schedule

Forthcoming State dinner
-Entertainment
-Recording
-Constance M. Stuart
-Ronald L. Ziegler
		-Photograph opportunity

Butterfield left at an unknown time before 3:03 pm.

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

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

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
	-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
	-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 
	-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
-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
-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
		-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.

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.

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
-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
-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
		-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
-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
-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
	-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
			-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
-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]

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[National Security]
[Duration:  12s  ]

	JAPAN

END WITHDRAWN ITEM NO. 11

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				-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
	-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

Connally trip
-Sullivan
	-The President’s view

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

Kissinger left at 5:54 pm.

Conversation No. 606-3

Date:  October 28, 1971
Time:  5:54 pm - 6:36 pm
Location:  Oval Office

The President met with Henry A. Kissinger.

The President's schedule

US international relations
	-Kissinger’s role
	-Europeans
	-Peter G. Peterson
		-The President’s view
	-France
	-Us Bargaining Power
	-Kissinger’s proposed conversation with George P. Shultz
	-French
	-Germany
	-Great Britain
	-Italy
		-Arthur F. Burns's efforts
			-Europe
		-Shultz
		-Peterson memorandum
		-Canadians
		-French
		-Georges J.R. Pompidou
		-Possible meeting with the President
			-French Guyana
-Peterson
-Forthcoming European Summit
-William P. Rogers
-Luxembourg
		-Proposed meetings with the President
			-Kissinger’s views
-Edward R.G. Heath
-Attitude toward US
	-Economic affairs
	-US-People’s Republic of China [PRC] relationship
		-PRC-Great Britain relationship
-Pompidou
-Willy Brandt
-Heath
-Italian leader
	-Election
	-Pompidou
	-Brandt
		-Pompidou
-Heath
-Great Britain
-Rolls Royce
-United Nations [UN] vote to expel Taiwan
-Uganda
-Tanzania
-UN vote on Taiwan
-Presidential action
-Impact on US politics
	-John B. Connally
		-UN

H. R. (“Bob”) Haldeman entered at 5:58 pm.

Haldeman's talk with Rogers
-Kissinger
-PRC
	-Proposed meeting between Rogers and the President
	-Communique
	-Department Of State
	-Negotiations
	-Haldeman’s view
-Kissinger
-Berlin Agreement
-National Review editorial

The President's forthcoming PRC trip
-Communique
	-The President’s view
		-Consultation with Rogers
			-State Department
			-Proposed topics in Communique
	-Draft State Department Communique
		-Kissinger’s view
	-Chou En-lai
	-Compared with Josip Broz Tito Communique
-Kissinger’s view
	-Chou En-lai’s view
	-Rogers
-The President's role
-Mao Tse-tung’s role
-Possible value
	-The President’s view
	-Kissinger’s previous press briefing
	-Union of Soviet Socialist Republics [USSR]
	-Media
	-New York Times, Washington Post
				-Television
-PRC officials
	-USSR
	-Dwight L. Chapin
	-Arrangements for coming trip
	-Briefing Book
		-Rogers
			-Proposed meeting with Chinese Foreign Minister
-President’s forthcoming meeting with Chou En-Lai
-Proposed meeting with Rogers
	-Rogers input in Communiqué
		-State Department
			-Rogers compared to Peterson
			-Monetary policy
			-The President’s view

	Kissinger's relationship with Rogers
		-Forthcoming meeting between Kissinger and Rogers
			-Timing
-UN vote to expel Taiwan
	-Rogers’s role
		-Kissinger’s view
		-Haldeman’s view

The President's forthcoming trip to PRC
-Communique
-The President's reading of the draft Communique
	-Rogers’s role
		-Kissinger’s view
			-State Department’s proposed discussions with PRC officials
				-Trade
				-Cultural exchanges
	-Mao Tse-tung
	-Chou En-lai
	-Proposed language
	-Taiwan
	-Rogers
	-Kissinger's proposed visit to PRC
	-The President's proposed trip to the West Coast
	-Proposed meeting with Kissinger in Guam
	-Chinese 
-Treaty discussions
-Rogers’s view
-Communique
	-State Department
		-The President’s view
		-Forthcoming Communique with the Soviets
			-Anatoliy F. Dobrynin
			-Kissinger’s view

	Kissinger’s relationship with Rogers
		-Forthcoming meeting with Rogers
		-Kissinger’s view
	-The President's role in relationship between Kissinger and Rogers
	-1972 election

Rogers
	-The President’s view
	-US relations with USSR. PRC
	-Strategic Arms Limitation Talks [SALT]
	-Berlin
-Haldeman’s view
-Kissinger’s view
	-Middle East
	-UN
	-SALT
	Berlin
	-Communique with PRC
		-The President’s proposed consultation with Rogers
		-Trade
		-Taiwan

State Department leaks
-U. Alexis Johnson
-Richard F. Pederson
-Newsweek magazine story
-Leonid I. Brezhnev
-Story source
-Kissinger's previous conversation with Henry Hubbard
	-Aleksei N. Kosygin’s proposed visit to the US
		-Robert C. Christopher
		-Alexander M. Haig, Jr.
-Soviets
-Kosygin’s proposed visit to the US
-Canada
-The President’s proposed letter to Brezhnev
-The President's proposed trip to the USSR
-History of background to the President's trip to the USSR
-The President’s previous letter to Brezhnev
	-Kosygin

Rogers
-The President's PRC visit
-Communique
	-Proposed language
	-Rogers’s comments on Communique
-Possible conversation with Haldeman
-1972 Presidential election
-Forthcoming meeting with Kissinger

Forthcoming State dinner for Tito
-Clifford P. Case’s participation
	-The President’s view

Kissinger's schedule
-Proposed interview with Barbara Walters
-Desire for Kissinger to speak on PRC
-Haldeman
-"Today" show
-The President’s view
-Public relations
	-Television
-Walters 
-Audience size of morning television compared to prime time
-Rogers

The President's schedule
-Forthcoming meeting with Burns

Kissinger left at 6:33 pm.

			-Duration

Staff relations
-Rogers
-Kissinger
-The President’s view
-Kissinger
-The President’s view

The President's schedule
-Forthcoming meeting with Burns
-Forthcoming dinners

Rogers's response to Kissinger's PRC trip
-The President’s view

Haldeman left at 6:36 pm.

Conversation No. 606-4

Date:  October 28, 1971
Time:  Unknown between 6:36 pm and 6:37 pm
Location:  Oval Office

The President met with Alexander P. Butterfield.

The President's schedule
	-Photograph opportunity with White House social aides

Butterfield left at an unknown time before 6:37 pm.

Conversation No. 606-5

Date:  October 28, 1971
Time:  Unknown between 6:37 pm and 6:59 pm
Location:  Oval Office

The President met with Manolo Sanchez.

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BEGIN WITHDRAWN ITEM NO. 1
[Personal Returnable]
[Duration:  1s  ]

END WITHDRAWN ITEM NO. 1

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The President and Sanchez left at 6:59 pm.

Conversation No. 606-6

Date:  October 28, 1971
Time:  Unknown between 6:59 pm and 11:59 pm
Location:  Oval Office

Unknown men [Secret Service] met.

The President's location

[Unintelligible]

The unknown men [Secret Service] left at an unknown time before 11:59 pm.