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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.
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
August 15 is the 227th day of the year (228th in leap years) in the Gregorian calendar; ... 1971 – Bahrain gains independence from the United Kingdom.
In August the government had made a new plan for the economy with rather extreme measures, measures which would later be dubbed "Nixon Shocks". The plan was announced on August 15, 1971 in a national televised address. Nixon declared that the gold window would be closed and that gold would no longer be transferable to US dollars. This created ...
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.
August 4, 1971: $755,500 [32] 32: August 11, 1971: Klute: $596,000: Klute reached number one in its seventh week on the chart [33] 33: August 18, 1971: The Andromeda Strain: $479,000: The Andromeda Strain reached number one in its 20th week on the chart [34] 34: August 25, 1971: The Anderson Tapes: $654,200: The Anderson Tapes reached number ...
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]
1971 was a common year starting on Friday of the Gregorian calendar, the ... August 15 – Paul Lukas, Hungarian-born American actor (b. 1894)