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:
“I played by the rules of politics as I found them.”
—Richard M. Nixon (1913–1995)
“The pointless ferocities of intellectual life shock businessmen, who kill only to eat.”
—Mason Cooley (b. 1927)