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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.
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.
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.
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The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified. [1]
The maintenance of a gold standard required almost monthly adjustments of interest rates. During the 1870–1920 period, the industrialized nations set up central banking systems, with one of the last being the Federal Reserve in 1913. [3] By this point the role of the central bank as the "lender of last resort" was understood.
At the time, this policy faced criticism from those who asserted it was "completely immoral" and "a flagrant violation of the solemn promises made in the Gold Standard Act of 1900" and promises made to purchasers of Liberty and Victory Loans during World War I. [2] The critics also claimed this Executive Order would lead to an inflation of ...
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