The Nixon Shock was a series of economic measures taken by United States President Richard Nixon in 1971 including unilaterally canceling the direct convertibility of the United States dollar to gold. It helped end the existing Bretton Woods system of international financial exchange, ushering in the era of freely floating currencies that remains to the present day.
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Famous quotes containing the words nixon and/or shock:
“For its part, Government will listen. We will strive to listen in new ways—to the voices of quiet anguish, to voices that speak without words, the voices of the heart, to the injured voices, and the anxious voices, and the voices that have despaired of being heard.”
—Richard M. Nixon (1913–1995)
“Children demand that their heroes should be fleckless, and easily believe them so: perhaps a first discovery to the contrary is less revolutionary shock to a passionate child than the threatened downfall of habitual beliefs which makes the world seem to totter for us in maturer life.”
—George Eliot [Mary Ann (or Marian)