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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.
That valuation remained in effect until August 15, 1971, when President Richard Nixon announced that the US would no longer value the US dollar with a fixed amount of gold, thus abandoning the gold standard for foreign exchange (see Nixon Shock).
This system continued until 1971 when President Richard Nixon, in what came to be known as the "Nixon Shock", announced that the United States would no longer convert dollars to gold at a fixed value even for foreign exchange purposes, thus abandoning the gold standard.
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The gold standard was abandoned due to its ... convertibility of the U.S. dollar to gold on August 15, 1971 (the "Nixon ... the time of removal. ...
The drain on US gold reserves culminated with the London Gold Pool collapse in March 1968. [2] On August 15, 1971, US President Richard Nixon unilaterally suspended the convertibility of US dollars into gold. The United States had deliberately offered this convertibility in 1944; it was put into practice by the U.S. Treasury.
He sent the French Navy across the Atlantic to pick up the French reserve of gold and was followed by several countries. [3] [4] As it resulted in considerably reducing U.S. gold stock and U.S. economic influence, it led U.S. President Richard Nixon to end the convertibility of the dollar to gold on August 15, 1971 (the "Nixon Shock").
In 1971, Republican President Richard Nixon appointed Connally as his treasury secretary. In this position, Connally presided over the removal of the United States dollar from the gold standard , an event known as the Nixon shock .