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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.
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]
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 ...
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
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 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 the early 1970s, inflation had been much higher than in previous decades, getting above 6% briefly in 1970 and persisting above 4% in 1971. U.S. President Richard Nixon imposed price controls on August 15, 1971. [3] This was a move widely applauded by the public [3] and a number of Keynesian economists. [11]
August 15 is the 227th day of the year (228th in leap years) in the Gregorian calendar; ... 1971 – Bahrain gains independence from the United Kingdom.