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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.
November 15, 1969: Vietnam War: In Washington, D.C., 250,000–500,000 protesters stage a peaceful demonstration against the war, including a symbolic "March Against Death". December 1, 1969: Vietnam War : The first draft lottery in the United States is held since World War II.
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
The federal government prepared for an escalation of the conflict with the Force Bill, but the crisis was averted after a compromise was made in the Tariff of 1833. Following this incident, the United States moved away from protectionism. [90] [91] Several parts of government saw major reforms during Jackson's presidency.