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:
“The more you stay in this kind of job, the more you realize that a public figure, a major public figure, is a lonely man.”
—Richard M. Nixon (1913–1995)
“The pointless ferocities of intellectual life shock businessmen, who kill only to eat.”
—Mason Cooley (b. 1927)