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The currency exchange rates no longer were governments' principal means of administering monetary policy. Under the floating rate system, during the 1970s, the dollar plunged by a third. Further, the Nixon shock unleashed enormous speculation against the dollar. The German Mark appreciated significantly after it was allowed to float in May 1971.
The 1973–1974 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, [ 1 ] it was one of the worst stock market downturns since the Great Depression , the other being the financial crisis of 2007–2008 . [ 2 ]
President Richard Nixon announces the closing of the gold window and the institution of wage-price controls. 1972: 110.14: Beginning of stagflation in response to the Nixon shock. 1973: 102.39: Gold standard ended; 1973 oil crisis takes place. Index created in March. 1974: 97.29: Nixon resigns as a result of the Watergate scandal; Gerald Ford ...
In 1972, the Nixon Administration became implicated in a conspiracy of political espionage. By 1973, Senate hearings had begun to draw out testimony implicating Nixon, himself, and investigations ...
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 ...
Aug. 3—One of the most consequential political figures of the 20th century ate the same meal for lunch almost every day: Crackers, a tall glass of milk, and a ring of canned pineapple topped ...
With the failure of the Bretton Woods system with the Nixon shock in 1971, the Smithsonian Agreement set bands of ±2.25% for currencies to move relative to their central rate against the US dollar. This provided a tunnel within which European currencies could trade.
The Nixon pardon of Sept. 8, 1974, caused a political and legal earthquake that still reverberates in the age of Trump. How Richard Nixon's pardon 50 years ago provides fuel for Donald Trump's ...