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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 15 August 1971 in response to increasing inflation. [1] [2]
This system continued until 1971 when President Richard Nixon, in what came to be known as the "Nixon Shock", announced that the United States would no longer convert dollars to gold at a fixed value even for foreign exchange purposes, thus abandoning the gold standard.
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.
President-elect Donald Trump is enjoying a honeymoon period with high approval ratings, but his second term may be short-lived due to his Nixon-like character and his tendency to seek revenge ...
President Donald Trump's approval rating has reached an all-time high of 45% in a Gallup poll released on Sunday. Trump's approval rating just reached its highest level yet in the gold standard of ...
Donald Trump wants to apply "universal baseline tariffs" of 10% that would apply to most foreign products coming into the US. Richard Nixon tried the same thing more than five decades ago.
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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