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Response to Odoreida (Original post)

Tue Jul 28, 2020, 09:57 PM

4. The Nixon shock, a series of economic measures undertaken by Nixon in 1971, in response to inflatin

https://en.wikipedia.org/wiki/Nixon_shock


The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.

While Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies.

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Odoreida Jul 2020 OP
LymphocyteLover Jul 2020 #1
Chin music Jul 2020 #5
Brother Buzz Jul 2020 #2
irisblue Jul 2020 #3
hunter Jul 2020 #12
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Snake Plissken Jul 2020 #4
Chin music Jul 2020 #6
hunter Jul 2020 #7
Chin music Jul 2020 #8
calguy Jul 2020 #9
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