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:
“People react to fear, not love—they don’t teach that in Sunday School, but it’s true.”
—Richard M. Nixon (1913–1994)
“Many readers judge of the power of a book by the shock it gives their feelings—as some savage tribes determine the power of muskets by their recoil; that being considered best which fairly prostrates the purchaser.”
—Henry Wadsworth Longfellow (1807–1882)