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[8] [9] In his first budget, he controversially announced the return to the gold standard at its 1914 parity of £4.25 to the ounce, the rate set by Isaac Newton in 1717, [10] equivalent to £1 = $4.86. [9] The principal opponent of the proposal was the economist John Maynard Keynes who argued that the measure would lead to a world depression. [11]
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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.
The price of gold touched briefly back at $35/ounce (112.53 ¢/g) near the end of 1969 before beginning a steady price increase. This gold price increase turned steep after President Richard Nixon unilaterally ordered the cancellation of the direct convertibility of the United States dollar to gold in 1971, an act later known as the Nixon Shock.
But it was Dr. King's iconic "I Have a Dream" speech that immediately took its place as one of the greatest in U.S. history. SEE MORE: 8 Martin Luther King Jr. quotes that raise eyebrows instead ...
Wall Street analysts expect gold's rally to keep going in 2025 after the precious metal saw its biggest annual jump in 14 years. On Thursday, gold futures jumped more than 1% to hover above $2,670 ...
The Cross of Gold speech was delivered by William Jennings Bryan, a former United States Representative from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In his address, Bryan supported " free silver " (i.e. bimetallism ), which he believed would bring the nation prosperity.
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