Nixon Shock
Main article: Nixon ShockIn 1971, President Richard Nixon took a series of economic measures that collectively are known as the Nixon Shock. These measures included unilaterally cancelling the direct convertibility of the United States dollar to gold that essentially ended the existing Bretton Woods system of international financial exchange.
Read more about this topic: Banking In The United States
Famous quotes containing the words nixon and/or shock:
“The Washington press corps thinks that Julie Nixon Eisenhower is the only member of the Nixon Administration who has any credibility—and, as one journalist put it, this is not to say that anyone believes what she is saying but simply that people believe she believes what she is saying ... it is almost as if she is the only woman in America over the age of twenty who still thinks her father is exactly what she thought he was when she was six.”
—Nora Ephron (b. 1941)
“It is a great shock at the age of five or six to find that in a world of Gary Coopers you are the Indian.”
—James Baldwin (1924–1987)