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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 end of the gold standard has been a boon for gold investors. Under the gold standard, the price of gold in dollars was fixed. ... U.S. President Richard Nixon canceled the convertibility of ...
Nixon's monetary policies effectively took the United States off the gold standard and brought an end to the Bretton Woods system, a post-war international fixed exchange-rate system. Nixon believed that this system negatively affected the U.S. balance of trade ; the U.S. had experienced its first negative balance of trade of the 20th century ...
Nixon's decision to end the gold standard in the United States led to the collapse of the Bretton Woods system. According to Thomas Oatley, "the Bretton Woods system collapsed so that Nixon might win the 1972 presidential election." [212] After Nixon won re-election, inflation was returning. [215] He reimposed price controls in June 1973.
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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.
1971 – President Richard Nixon ends the United States Gold standard monetary policy, known as the Nixon Shock; 1971 – A ban on radio and television cigarette advertisements goes into effect in the United States; 1971 – The landmark situation comedy, All in the Family, premieres on CBS.
Until the embittered end, Henry Kissinger was one of the trusted few of a distrusting Richard Nixon. The German-born diplomat who got the U.S. out of Vietnam after bloody, costly years of delay ...