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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.
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.
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.
August 15, 1971: Emirate of Bahrain declares independence August 31, 1971: The old British penny, worth 1/240th, discontinued as decimalisation begins August 22, 1971: Colonel Hugo Banzer leads revolution to overthrow president of Bolivia August 2, 1971: Apollo 15 astronaut David Scott's replicates Galileo's experiment on the Moon
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 .
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 15 is the 227th day of the year ... leading to the creation of the Society of Jesus in September 1540. ... 1971 – Bahrain gains ...
She organized formal meetings that raise awareness among others about the importance of sexual diversity in the Mexican society. Some of the members of these circle had participated in social movements such as the Mexican Movement of 1968. [3] As a result of these meetings, the FLH was founded on August 15, 1971, in Mexico City.