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:

    “The more you stay in this kind of job, the more you realize that a public figure, a major public figure, is a lonely man.”
    —Richard M. Nixon (1913–1995)

    “Nothing can shock a brave man but dullness.”
    —Henry David Thoreau (1817–1862)