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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.
Thus the United States moved to a gold standard, making both gold and silver the legal-tender coinage of the United States, and guaranteed the dollar as convertible to 23.22 grains (1.50463 grams, 0.048375 troy ounces) of pure gold, or a little over $20.67 per ounce.
The numbers aren't terrible—certainly not by comparison to the official 9.1 percent inflation rate in June 2022 during the recent surge in prices as the value of the dollar fell. But nobody ...
The painful experience of the runaway inflation and collapse of the Continental dollar prompted the delegates to the Constitutional Convention to include the gold and silver clause into the United States Constitution so that the individual states could not issue bills of credit or "make any Thing but gold and silver Coin a Tender in Payment of ...
The US Commerce Department releases March figures on household spending, income and the Fed’s preferred inflation gauge. The University of Michigan releases its final reading of consumer ...
Overall inflation climbed 0.3% in December from the previous month, driven higher by a jump in gas prices. Monthly increases at that level, if they continued, would exceed the Fed's target.
WASHINGTON (AP) — U.S. inflation accelerated last month as prices for gas, eggs, and used cars rose, yet underlying price pressures also showed signs of easing, bolstering hopes that the Federal ...
The United States dollar ... is a measure estimating the average price of consumer goods and services in the United States. [85] It reflects inflation as experienced ...