May 5, 1971 (Wednesday)
- The US dollar floods the European currency markets and threatens especially the Deutsche Mark; the central banks of Austria, Belgium, Netherlands and Switzerland stop the currency trading.
- Died: Violet Jessop, 83, English former nurse who survived the sinkings of the sister ships RMS Titanic and HMHS Britannic in 1912 and 1916, respectively; Sir W. D. Ross, 94, Scottish philosopher
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