The Nixon Shock was a series of economic measures taken by United States President Richard Nixon in 1971 including unilaterally canceling the direct convertibility of the United States dollar to gold. It helped end the existing Bretton Woods system of international financial exchange, ushering in the era of freely floating currencies that remains to the present day.
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Famous quotes containing the words nixon and/or shock:
“People react to fear, not love—they don’t teach that in Sunday School, but it’s true.”
—Richard M. Nixon (1913–1994)
“It is not only their own need to mother that takes some women by surprise; there is also the shock of discovering the complexity of alternative child-care arrangements that have been made to sound so simple. Those for whom the intended solution is equal parenting have found that some parents are more equal than others.”
—Elaine Heffner (20th century)