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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.
In August the government had made a new plan for the economy with rather extreme measures, measures which would later be dubbed "Nixon Shocks". The plan was announced on August 15, 1971 in a national televised address. Nixon declared that the gold window would be closed and that gold would no longer be transferable to US dollars. This created ...
The Smithsonian Agreement was created when the Group of Ten (G-10) states (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, the United Kingdom, and the United States) raised the price of gold to 38 dollars, an 8.5% increase over the previous price at which the US government had promised to redeem dollars for gold. In ...
By the summer of 1971, Nixon was under strong public pressure to act decisively to reverse the economic tide. On August 15, 1971, he ended the convertibility of the U.S. dollar into gold, which meant the demise of the Bretton Woods system, in place since World War II. As a result, the U.S. dollar fell in world markets.
August 7 – Apollo 15 returns to Earth. August 11 – Construction begins on the Louisiana Superdome in New Orleans. August 15 – President Richard Nixon announces that the United States will no longer convert dollars to gold at a fixed value, effectively ending the Bretton Woods system. He also imposes a 90-day freeze on wages, prices and rents.
The 91st United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, D.C. , from January 3, 1969, to January 3, 1971, during the final weeks of the presidency of Lyndon Johnson and the first two ...
In 1971, the Bangladeshi liberation struggle against Pakistan was led by secular leaders [53] and secularists hailed the Bangladeshi victory as the triumph of secular Bengali nationalism over religion-centred Pakistani nationalism. [54] While Pakistan's government strives for an Islamic state, Bangladesh was established secular. [48]
August 15, 1971 [9] [19] Trade Proclamation 4074 [19] Imposition of Supplemental Duty for Balance of Payments Purposes: Imposed import controls in response to the Nixon shock. The last of four emergencies cited by Senate Report 93-549 as never having been terminated. [9] Current Carter: November 14, 1979 Sanctions Executive Order 12170 [20]