The historical reference: > The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, in response to incre

The historical reference: > 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. Nixon shock - https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock Nixon and the End of the Bretton Woods System, 1971–1973 - https://history.state.gov/milestones/1969-1976/nixon-shock https://history.state.gov/milestones/1969-1976/nixon-shock