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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.
Nixon shakes hands with Mayor of Chicago Richard Daley, 6 February 1970 February 6 – United States Secretary of Housing and Urban Development George Romney says President Nixon's visit to the Midwest was successful in creating a bond between his administration and officials on a state and local level.
The Economic Stabilization Act of 1970 (Title II of Pub. L. 91–379, 84 Stat. 799, enacted August 15, 1970, [2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers [3] as part of a general program of price controls within the American domestic goods and labor ...
1970 – The Environmental Protection Agency is created. 1970 – The Occupational Safety and Health Act, or OSHA, is signed into law. 1971 – Singer Jim Morrison dies of a drug overdose at the age of 27. 1971 – President Richard Nixon ends the United States Gold standard monetary policy, known as the Nixon Shock
Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th president of the United States, serving from 1969 until his resignation in 1974. A member of the Republican Party, he previously served as a representative and senator from California and as the 36th vice president from 1953 to 1961 under President Dwight D. Eisenhower.
Ridiculed in the 1970s, Nixon’s claims of “inherent” presidential power — “when the president does it, that means that it is not illegal," he famously told an interviewer — have now ...
On June 13, 1970, President Richard Nixon established the President's Commission on Campus unrest, which became known as the Scranton Commission after its chairman, former Pennsylvania governor William Scranton.
An oil price shock has the potential to spark a recession or a 1970s-style stagflationary crisis, Roubini has warned. The world could see a 1970s-style oil shock amid deepening conflict in the ...