A MOMENT IN HISTORY
The US ends the gold convertibility of the dollar
1971 CE · United States, North America · Economy
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on August 15, 1971, in response to increasing inflation and threats of a currency crisis.
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