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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.
The United Kingdom slipped into a gold specie standard in 1717 by over-valuing gold at 15 + 1 ⁄ 5 times its weight in silver. It was unique among nations to use gold in conjunction with clipped, underweight silver shillings, addressed only before the end of the 18th century by the acceptance of gold proxies like token silver coins and banknotes.
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The Death of Money is a 1993 book [1] (and an article with the same title) by Joel Kurtzman, a former editor of Harvard Business Review.Kurtzman uses the "death of money" to refer to a change in the economic nature of money in the United States following Richard Nixon's removal of US dollar from the gold standard (as in the Bretton Woods system), informally referred to as the Nixon shock.
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. Nixon believed that this system negatively affected the U.S. balance of trade ; the U.S. had experienced its first negative balance of trade of the 20th century ...
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 ...
In 1974, the Constitution worked as it should have when President Richard Nixon resigned on the brink of certain impeachment in the US House of Representatives and conviction in the Senate.