August 1971

Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls
President Nixon prepares to announce new economic policies on a television broadcast.

Article from:
http://www.federalreservehistory.org/Events/DetailView/33

    President Richard Nixon’s actions in 1971 to end dollar convertibility to gold and implement wage/price controls were intended to address the international dilemma of a looming gold run and the domestic problem of inflation. The new economic policy marked the beginning of the end of the Bretton Woods international monetary system and temporarily halted inflation. Continue reading