Banking in The United States - Nixon Shock

Nixon Shock

Main article: Nixon Shock

In 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:

    “When the President does it, that means that it is not illegal.”
    —Richard M. Nixon (1913–1992)

    “Beware the/easy griefs, that fool and fuel nothing./It is too easy to cry “AFRIKA!”/and shock thy street,/and purse thy mouth,/and go home to thy “Gunsmoke,” to/thy “Gilligan’s Island” and the NFL.”
    —Gwendolyn Brooks (b. 1917)