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.
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Famous quotes containing the words nixon and/or shock:
“For its part, Government will listen. We will strive to listen in new ways—to the voices of quiet anguish, to voices that speak without words, the voices of the heart, to the injured voices, and the anxious voices, and the voices that have despaired of being heard.”
—Richard M. Nixon (1913–1995)
“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)