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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 Smithsonian Agreement, announced in December 1971, created a new dollar standard, whereby the currencies of a number of industrialized states were pegged to the US dollar. These currencies were allowed to fluctuate by 2.25% against the dollar. The Smithsonian Agreement was created when the Group of Ten (G-10) states (Belgium, Canada, France ...
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 ...
January 2 – The White House releases the text of a message sent to Congress by President Nixon the previous day alongside his vetoing of a bill raising the pay for roughly 850,000 federal workers. [2] January 22 – President Nixon delivers the 1971 State of the Union Address to a joint session of Congress. [citation needed]
Presidency of Richard Nixon. Richard Nixon 's tenure as the 37th president of the United States began with his first inauguration on January 20, 1969, and ended when he resigned on August 9, 1974, in the face of almost certain impeachment and removal from office, the only U.S. president ever to do so.
At the very start of the address, Nixon mourned the death of Senator Richard Russell Jr. [2] The address was known for introducing Nixon's "six great goals", [3]: 52 [4] which would go on to be reiterated in the 1972 State of the Union Address: [3]: 54 Welfare reform, particularly with the proposed Family Assistance Plan
Also, on August 15, 1971, under the provisions of the Economic Stabilization Act of 1970, Nixon implemented "Phase I" of his economic plan: a ninety-day freeze on all wages and prices above their existing levels. In November, "Phase II" entailed mandatory guidelines for wage and price increases to be issued by a federal agency.
e. Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th president of the United States, serving from 1969 until his resignation in 1974. A member of the Republican Party, he previously served as a representative and senator from California and as the 36th vice president from 1953 to 1961 under President Dwight D. Eisenhower.