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TELCON
Arthur Burns/Kissinger
2:15 p. m.
11/26/71
K: I am returning your call.
B: I wanted to check with you a couple of things. Have you seen the CIA
report on the new economic policy and foreign reaction to it?
K: No.
B: It came out a few days ago. I wanted to be sure you saw it and read it and
brief the President on it.
K: I will get it.
B: It's a very effective docement and **** deals with the international monetary
problem.
K: I am NX in the problem. I have 8 me to the ? ? ? ? ? ?. Your professor
is the problem.
B: He works in Labor and knows nothing about finance and to go into this is
shocking.
K: I basically agree with you. I think he was a little helpful the other day.
At that point on 2-3 other occasions and everytime we get Connally at the
point, Shultz comes in and then Connallys' competitive instincts come into it.
B: I was only recently aware of it. I didn't know Sholtz was in it.
K: I didn't either.
B: I think we have progress.
K: I do too.
who is no. 2 in
B: I had another call from ther Germans today. Henninger/XXXXXXXXXXX
He talked about the whole business. They are heading into a recession and
central bank has to lower interests rates so as not to have too much unem-
ployment. When they do that the biggest companies ? ? ? ? ? ? ? will
repay their dollar loan. Then the dollar is up and the Mark will be down.
They have to do this. Can't hold off more than 2-3 weeks. After that the
Germans Mark which is down to 104, it will be difficult for them to reach
a percentage of
which they are willing to do.
K: The Germans will do it lower 6%. I don't know economics but I know
politics of it. I have talked with a lot of people and these are realities. George1
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"ocrText": "TELCON\nArthur Burns/Kissinger\n2:15 p. m.\n11/26/71\nK: I am returning your call.\nB: I wanted to check with you a couple of things. Have you seen the CIA\nreport on the new economic policy and foreign reaction to it?\nK: No.\nB: It came out a few days ago. I wanted to be sure you saw it and read it and\nbrief the President on it.\nK: I will get it.\nB: It's a very effective docement and **** deals with the international monetary\nproblem.\nK: I am NX in the problem. I have 8 me to the ? ? ? ? ? ?. Your professor\nis the problem.\nB: He works in Labor and knows nothing about finance and to go into this is\nshocking.\nK: I basically agree with you. I think he was a little helpful the other day.\nAt that point on 2-3 other occasions and everytime we get Connally at the\npoint, Shultz comes in and then Connallys' competitive instincts come into it.\nB: I was only recently aware of it. I didn't know Sholtz was in it.\nK: I didn't either.\nB: I think we have progress.\nK: I do too.\nwho is no. 2 in\nB: I had another call from ther Germans today. Henninger/XXXXXXXXXXX\nHe talked about the whole business. They are heading into a recession and\ncentral bank has to lower interests rates so as not to have too much unem-\nployment. When they do that the biggest companies ? ? ? ? ? ? ? will\nrepay their dollar loan. Then the dollar is up and the Mark will be down.\nThey have to do this. Can't hold off more than 2-3 weeks. After that the\nGermans Mark which is down to 104, it will be difficult for them to reach\na percentage of\nwhich they are willing to do.\nK: The Germans will do it lower 6%. I don't know economics but I know\npolitics of it. I have talked with a lot of people and these are realities. George1"
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