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:
“I played by the rules of politics as I found them.”
—Richard M. Nixon (1913–1995)
“a fortress against ideas and against the
Shuddering insidious shock of the theory-vendors
The little sardine men crammed in a monster toy
Who tilt their aggregate beast against our crumbling Troy.”
—Louis MacNeice (1907–1963)