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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]
The Smithsonian Agreement was created when the Group of Ten (G-10) states (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, the United Kingdom, and the United States) raised the price of gold to 38 dollars, an 8.5% increase over the previous price at which the US government had promised to redeem dollars for gold. In ...
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 ...
In addition, the Voting Rights Act of 1965 had an immediate impact on federal, state and local elections. Within months of its passage on August 6, 1965, one quarter of a million new black voters had been registered, one third by federal examiners. Within four years, voter registration in the South had more than doubled. In 1965, Mississippi ...
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.
In 1971, the Bangladeshi liberation struggle against Pakistan was led by secular leaders [54] and secularists hailed the Bangladeshi victory as the triumph of secular Bengali nationalism over religion-centred Pakistani nationalism. [55] While Pakistan's government strives for an Islamic state, Bangladesh was established secular. [49]
August 2, 1971 163 11614 Establishing the National Business Council for Consumer Affairs August 5, 1971 164 11615: Providing for stabilization of prices, rents, wages, and salaries August 15, 1971 165 11616 Amending Executive Order No. 11491, relating to labor-management relations in the Federal service August 26, 1971 166 11617
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]