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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 15th August 1971 in response to increasing inflation. [1] [2]
Once off the gold standard, it became free to engage in such money creation. The gold standard limited the flexibility of the central banks' monetary policy by limiting their ability to expand the money supply. In the US, the central bank was required by the Federal Reserve Act (1913) to have gold backing 40% of its demand notes. [66]
Listed below are executive orders numbered 11452–11797 signed by United States President Richard Nixon (1969–1974). He issued 346 executive orders. [9] His executive orders are also listed on Wikisource, along with his presidential proclamations and national security decision memorandums. Signature of Richard Nixon
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The Economic Stabilization Act of 1970 (Title II of Pub. L. 91–379, 84 Stat. 799, enacted August 15, 1970, [2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers [3] as part of a general program of price controls within the American domestic goods and labor ...
The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified. [1]
A "full, free, and absolute pardon" Questions dogged Ford right after he took office on Aug. 9, 1974, the morning after Nixon announced he would resign the presidency .
In August 1971, he took the nation off the gold standard of the Bretton Woods system and imposed (for a while) price and wage controls (Nixon Shock). During his final year in office, Nixon also proposed a national health care system.