Nixon Shock
Main article: Nixon ShockIn 1971, President Richard Nixon took a series of economic measures that collectively are known as the Nixon Shock. These measures included unilaterally cancelling the direct convertibility of the United States dollar to gold that essentially ended the existing Bretton Woods system of international financial exchange.
Read more about this topic: Banking In The United States
Famous quotes containing the words nixon and/or shock:
“The Cold War isn’t thawing; it is burning with a deadly heat. Communism isn’t sleeping; it is, as always, plotting, scheming, working, fighting.”
—Richard M. Nixon (1913–1995)
“I was not long since in a company where I wot not who of my fraternity brought news of a kind of pills, by true account, composed of a hundred and odd several ingredients; whereat we laughed very heartily, and made ourselves good sport; for what rock so hard were able to resist the shock or withstand the force of so thick and numerous a battery?”
—Michel de Montaigne (1533–1592)