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:
“There can be no whitewash at the White House.”
—Richard M. Nixon (19131992)
“Many readers judge of the power of a book by the shock it gives their feelingsas some savage tribes determine the power of muskets by their recoil; that being considered best which fairly prostrates the purchaser.”
—Henry Wadsworth Longfellow (18071882)