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:
“Always remember, others may hate you. Those who hate you don’t win unless you hate them. And then you destroy yourself.”
—Richard M. Nixon (1913–1992)
“I was not long since in a company where I wot not who of my fraternity brought news of a kind of pills, by true account, composed of a hundred and odd several ingredients; whereat we laughed very heartily, and made ourselves good sport; for what rock so hard were able to resist the shock or withstand the force of so thick and numerous a battery?”
—Michel de Montaigne (1533–1592)