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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]
The Gold Clause Cases were a series of actions brought before the Supreme Court of the United States, in which the court narrowly upheld the Roosevelt administration's adjustment of the gold standard in response to the Great Depression.
In this position, Connally presided over the removal of the United States dollar from the gold standard, an event known as the Nixon shock. Connally stepped down from the Cabinet in 1972 to lead the Democrats for Nixon organization, which campaigned for Nixon's re-election.
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Executive Order 11110 was issued by U.S. President John F. Kennedy on June 4, 1963.. This executive order amended Executive Order 10289 (dated September 17, 1951) [1] by delegating to the Secretary of the Treasury the president's authority to issue silver certificates under the Thomas Amendment of the Agricultural Adjustment Act, as amended by the Gold Reserve Act.
On September 23rd in 1952,Richard Nixon gave his famous Checkers speech, in which he addressed allegations of illegitimate campaign funding. Other Events on September 23rd: 1846: The planet ...
He then announced temporary wage and price controls, allowed the dollar to float against other currencies, and ended the convertibility of the dollar into gold. [62] Nixon's monetary policies effectively took the United States off the gold standard and brought an end to the Bretton Woods system, a post-war international fixed exchange-rate system.
Exactly 50 years ago, a beleaguered President Richard M. Nixon entered the Oval Office, stared into a television camera and performed an act that still echoes in today's very different political ...