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:
“My mother always used to say, “There is no path to peace. Peace is the path.””
—Donald Freed, U.S. screenwriter, and Arnold M. Stone. Robert Altman. Richard Nixon (Philip Baker Hall)
“a fortress against ideas and against the
Shuddering insidious shock of the theory-vendors
The little sardine men crammed in a monster toy
Who tilt their aggregate beast against our crumbling Troy.”
—Louis MacNeice (1907–1963)