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On January 26, 1972, President Richard M. Nixon, George W. Romney, George P. Shultz, John B. Connally, White House operator, Peter M. Flanigan, and Manolo Sanchez met in the President's office in the Old Executive Office Building from 4:23 pm to 5:01 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 318-007 of the White House Tapes. Topics include: The President talked with George W. Romney. [Conversation No. 318-7A] [See Conversation No. 19-118] George P. Shultz entered at an unknown time after 4:23 pm and conferred with the President. Greeting [End of conferral] [End of telephone conversation] Quadriad meeting - Arthur F. Burns's strategy - Convertibility - The President's call request for a call to John B. Connally - Shultz's consideration of a call to Burns Convertibility - Administration strategy - The President's and Connally's views - Burns's concern - Central bankers - US budget - US budget - Strength of US economy abroad - Exports, imports - Money supply - Inflation - Connally - European leverage - Burns - Camp David conference - Gold prices - Statement by unknown Belgium banker - Pierre- Paul Schweitzer - Administration strategy - Shultz - Herbert Stein - Connally - Stein - Forthcoming conversation with Shultz - Paul W. McCracken Economy - Fluctuations in confidence - Economic community - Connally - Stein - Unemployment figures - Fluctuations - Stein's memorandum - Timing - Burns - Unknown survey - Unknown survey - Behavioral test - Compared to attitudinal test - Questions - Time measured - Burns - Definitional problems - Unemployment - Change in concept - Burns - Memorandum - Experimentation - Car model changeover period - Strength - Retail sales - Money supply - Retail sales [The President talked with Connally between 4:36 pm and 4:42 pm.] [Conversation No. 318-7B] [See Conversation No. 19-119] [End of telephone conversation] Connally International economic policy - European trade question - Connally's view Connally - Schedule - Europe Economy - Retail sales - Concerns - Stein - Money supply - Figures for 1971 - December - Money supply - M-1 and M-2 - Checks and cash [The President talked with the White House operator at an unknown time between 4:42 pm and 4:47 pm.] [Conversation No. 318-7C] [See Conversation No. 19-120] [End of telephone conversation] Economy - Money supply - M-1 - Stein - Retail sales - Retail sales - Inventory - Burns [The President talked with Peter M. Flanigan between 4:47 pm and 4:48 pm.] [Conversation No. 318-7D] [See Conversation No. 19-121] [End of telephone conversation] Marina von Neumann Whitman - Appointment to Council of Economic Advisors [CEA] - Women - Qualifications - Stein's view - Father, John von Neumann - Shultz's previous conversation with the President aboard plane to Florida John Von Neumann - The President's previous meeting - Cabinet Room - Intelligence - Theory of Games and Economic Behavior - Oskar Morgenstern - Relationship to Shultz - Conversation with Shultz - Importance Economy - Public confidence - Democrats - Budget - International economic policy - Need for optimistic talks - Shultz - Stein - Peter G. Peterson - James D. Hodgson - Money supply - Banks - Burns - Loans - Loans - Interest rates - Pressure from administration - Possible speech by Connally to banking community - M-1 - Possible increase - Federal Reserve Board [FRB] - Andrew F. Brimmer - Burns's view - Recent meeting - Burns - Concessions - M-1 - Interest rates - Federal Reserve Bank of New York FRB - Federal Reserve Bank of New York - Alfred Hayes - Burns's meeting with the President and Shultz - Need for votes - Brimmer - New post - Burns - Frederic V. Malek - Possible call to William P. Rogers - Connally - Shultz - Rogers's schedule - Press conference - United Nations [UN] - Export- Import [Ex- Im] Bank - Henry Kearns - Shultz's forthcoming talk with Malek Economy - Retail sales - Milton Friedman's views of M-1 - Burns - Figures - Summer of 1971 - Fourth quarter of 1971 -1969 Cabinet meeting - William McChesney Martin - Burns - Administration action Manolo Sanchez entered at an unknown time after 4:48 pm. The President's schedule - Meeting with [Page Belcher] - Stephen B. Bull Sanchez left at an unknown time before 5:01 pm. Burns - Possible meeting with the President - Recognition of problems - Forthcoming talk with Shultz Brimmer - Possible position Burns - Cabinet Room - Connally - FRB - Possible appointment - Tynan Smith - James L. Robertson - Retirement - Convertibility The President's schedule - Meeting with Belcher The President and Shultz left at 5:01 pm. Participants: Nixon, Richard M. (President); Romney, George W.; Shultz, George P.; Connally, John B.; White House operator; Flanigan, Peter M.; Sanchez, Manolo.