15 AUGUST 1971 — THE FIRST TERRIBLE DECADE OF A WEAK WEST BEGAN On 15 August 1971, President Richard Nixon suspended the convertibility of the US dollar into gold. The Nixon Shock marked the beginning of the end of the Bretton Woods monetary order — and, in my political https://t.co/kcj5sOttun #NixonShock #BrettonWoods #MonetaryPolicy #US
On August 15, 1971, U.S. President Richard Nixon announced in a national speech the temporary suspension of the convertibility of the dollar into gold, revealing the inability of the United States to uphold the commitments made during the Bretton Woods Conference, which marked the beginning of a phase of international economic disorder. (translated)
