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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.
On August 15, 1971, US President Richard Nixon unilaterally suspended the convertibility of US dollars into gold. The United States had deliberately offered this convertibility in 1944; it was put into practice by the U.S. Treasury .
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 an 8 percent devaluation to the dollar, as compared to other major currencies of the time, stimulating American exports and the domestic economy.
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 ...
By the summer of 1971, Nixon was under strong public pressure to act decisively to reverse the economic tide. On August 15, 1971, he ended the convertibility of the U.S. dollar into gold, which meant the demise of the Bretton Woods system, in place since World War II. As a result, the U.S. dollar fell in world markets.
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Pages in category "August 1971 in the United States" The following 5 pages are in this category, out of 5 total. This list may not reflect recent changes. C.