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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.
December 10 – President Nixon signs a tax bill, cutting consumer and business taxes by 15.8 billion over the following three years, into law. [14] William Rehnquist is confirmed to the United States Supreme Court by a Senate vote of 68 to 26. [15] December 11 – United States Deputy Secretary of Defense David Packard resigns. [16]
August 15, 1971: Emirate of Bahrain declares independence August 31, 1971: The old British penny, worth 1/240th, discontinued as decimalisation begins August 22, 1971: Colonel Hugo Banzer leads revolution to overthrow president of Bolivia August 2, 1971: Apollo 15 astronaut David Scott's replicates Galileo's experiment on the Moon
Bahrain declared its independence on 15 August 1971, [1] [2] marked by the signing of a friendship treaty with the British that terminated previous agreements between the two sides. [1] [3] Although 15 August is the actual date on which Bahrain gained its independence from the British, the kingdom does not celebrate or mark that date.
1914 – World War I: Beginning of the Battle of Cer, the first Allied victory of World War I. 1915 – A story in New York World newspaper reveals that the Imperial German government had purchased excess phenol from Thomas Edison that could be used to make explosives for the war effort and diverted it to Bayer for aspirin production.
President Richard Nixon. Nixonomics, a portmanteau of the words "Nixon" and "economics", refers either to the performance of the U.S. economy under U.S. President Richard Nixon [1] (i.e. the expansions in 1969 and from 1970 to 1973 during the broader Post–World War II economic expansion and the recessions from 1969 to 1970 and from 1973 to 1975) or the Nixon administration's economic policies.
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August 7 – Apollo 15 returns to Earth. August 11 – Construction begins on the Louisiana Superdome in New Orleans. August 15 – President Richard Nixon announces that the United States will no longer convert dollars to gold at a fixed value, effectively ending the Bretton Woods system. He also imposes a 90-day freeze on wages, prices and rents.