Nixon shock
The Nixon shock was a series of economic measures done by United States President Richard Nixon in 1971, in response to increasing inflation. He froze wage and price. He also directed the cancellation of the direct international convertibility of the United States dollar to gold.[1]
Nixon Shock Media
Richard Nixon, Official Presidential Photograph
U.S. Treasury Secretary John Connally, photographed on the day Nixon's policies were announced, was the primary political force behind them.
Following the suspension of convertibility, the price of gold per troy ounce in U.S. dollars sharply increased.
Since the Nixon shock in 1971, the U.S. dollar has depreciated significantly against the Japanese yen and Swiss franc, while appreciating against the Swedish krona.
References
- ↑ Lewis, Paul (15 August 1976). "Nixon's Economic Policies Return to Haunt the G. O. P.". The New York Times. https://www.nytimes.com/1976/08/15/archives/nixons-economic-policies-return-to-haunt-the-gop-nixons-economic.html. Retrieved 25 March 2019.
This short article about the United States can be made longer. You can help Wikipedia by adding to it.