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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.
1965–66 Indonesia, Transition to the New Order; 1966 Ghanaian coup d'état; 1971 Bolivian coup d'état; 1970–1973 Chile; 1976 Argentine coup d'état; 1979 Salvadoran coup d'état; 1979–1992 Afghanistan, Operation Cyclone; 1975–1992 Angola, UNITA; 1981–1990 Nicaragua, Contras; 1982 Chad; 1983 Grenada; 1989–1990 Panama; 1990s Iraq ...
Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th president of the United States, serving from 1969 until his resignation in 1974. A member of the Republican Party, he previously served as a representative and senator from California and as the 36th vice president from 1953 to 1961 under President Dwight D. Eisenhower.
Default in the sense that, originally countries had lent money to the United States (purchasing US government bonds) under the condition that these dollars were gold redeemable, but then following the Nixon shock they were not anymore, and in fact the dollars diminished in value versus gold itself (an increase in the dollar price of gold).
After an initial favorable prognosis, Nixon slipped into a deep coma and died four days later at the age of 81. His body was flown to Marine Corps Air Station El Toro, Orange County, California, via SAM 27000, the presidential plane used as Air Force One while Nixon was in office. [3] His body was transported to the Nixon Library and laid in ...
As a result, in 1971, the U.S. ended the fixed exchange rate between dollars and gold in the Nixon shock. The US continues to be the largest financial contributor to the IMF. As such, it has the most voting power (at 17%) and can effectively veto any motion. It also has close relations with IMF leadership.
President Richard Nixon. Nixonomics, a portmanteau of the words "Nixon" and "economics", refers either to the performance of the U.S. economy under U.S. President Richard Nixon [1] (i.e. the expansions in 1969 and from 1970 to 1973 during the broader Post–World War II economic expansion and the recessions from 1969 to 1970 and from 1973 to 1975) or the Nixon administration's economic policies.
The US foreign policy during the presidency of Richard Nixon (1969–1974) focused on reducing the dangers of the Cold War among the Soviet Union and China.President Richard Nixon's policy sought on détente with both nations, which were hostile to the U.S. and to each other in the wake of the Sino-Soviet split.