NIXON TAPES: Joke on Henry Kissinger, Economy (John Connally)

019-119
January 26, 1972
White House Telephone

President Richard Nixon talks to his Secretary of the Treasury, John Connally, about the international monetary situation and the elimination of the Gold Standard for US currency. They specifically mention the Canadians (and Canadian Prime Minister Pierre Trudeau) and Europeans, as well as Nixon administration officials George Shultz, Herbert Klein, and Arthur Burns. Also, they talk about playing a little game with Henry Kissinger over aid to India. At the end, Nixon jokes with Connally about the issue of busing (which Connally opposes).

(Photo: Richard Nixon, Pat Nixon, Nellie Connally, and John Connally at the Connally's ranch in Texas, 1972.)

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[ddubrul]

Well without convertibility there is nothing to restrict the endless printing of the world's reserve currency. Thanks for gettin rid of the "gold thing" DICK.

[lrd9999]

@ddubrul The cat was out of the bag on the "gold thing" by that time; there was already too much money in circulation for the reserves we had and the EU was happily carting away what was left. But Tricky Dick allegedly made the worst of it by threatening to reign-in the independence of the FED unless Arthur Burns flooded the country with fresh green ink. Of course Phase I was supposed to make the fear of inflation obsolete. LOL

[ieatpilli]

I was watching videos about George Burns... How the hell did I get here???