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Nixon shock

Index Nixon shock

The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct international convertibility of the United States dollar to gold. [1]

53 relations: Arthur F. Burns, Balance of payments, Barry Eichengreen, Black Monday (1987), Bretton Woods system, Camp David, Charles de Gaulle, Convertibility, De facto, Deutsche Mark, Devaluation, Dow Jones Industrial Average, Economic Stabilization Act of 1970, Exorbitant privilege, Federal government of the United States, Federal Reserve System, Fiat money, Financial crisis of 2007–2008, Fixed exchange-rate system, Floating exchange rate, Foreign exchange market, Gold, Government debt, Group of Ten (economics), Hedge (finance), John Connally, List of Nobel Memorial Prize laureates in Economics, London Gold Pool, Marshall Plan, Monetary inflation, Monetary policy, Money supply, Nobel Memorial Prize in Economic Sciences, Paul Krugman, Paul Volcker, Petrodollar recycling, President of the United States, Price gouging, Revaluation, Richard Nixon, Smithsonian Agreement, Switzerland, Triffin dilemma, United States, United States Bullion Depository, United States Congress, United States dollar, United States Secretary of the Treasury, Vietnam War, Wall Street Crash of 1929, ..., West Germany, World War II, 1973–75 recession. Expand index (3 more) »

Arthur F. Burns

Arthur Frank Burns (August 27, 1904June 26, 1987) was an American economist.

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Balance of payments

The balance of payments, also known as balance of international payments and abbreviated B.O.P. or BoP, of a country is the record of all economic transactions between the residents of the country and of the world in a particular period (over a quarter of a year or more commonly over a year).

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Barry Eichengreen

Barry Julian Eichengreen (born 1952) is an American economist who holds the title of George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987.

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Black Monday (1987)

In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed.

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Bretton Woods system

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton-Woods Agreement.

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Camp David

Camp David is the country retreat for the President of the United States.

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Charles de Gaulle

Charles André Joseph Marie de Gaulle (22 November 1890 – 9 November 1970) was a French general and statesman who led the French Resistance against Nazi Germany in World War II and chaired the Provisional Government of the French Republic from 1944 to 1946 in order to reestablish democracy in France.

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Convertibility

Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value.

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De facto

In law and government, de facto (or;, "in fact") describes practices that exist in reality, even if not legally recognised by official laws.

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Deutsche Mark

The Deutsche Mark ("German mark"), abbreviated "DM" or, was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until 2002.

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Devaluation

In modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency or currency basket.

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Dow Jones Industrial Average

The Dow Jones Industrial Average (DJIA), or simply the Dow, is a stock market index that shows how 30 large, publicly owned companies based in the United States have traded during a standard trading session in the stock market.

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Economic Stabilization Act of 1970

The Economic Stabilization Act of 1970 (Title II of, formerly codified at) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers.

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Exorbitant privilege

The term exorbitant privilege refers to the alleged benefit the United States has due to its own currency (i.e., the US dollar) being the international reserve currency.

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Federal government of the United States

The federal government of the United States (U.S. federal government) is the national government of the United States, a constitutional republic in North America, composed of 50 states, one district, Washington, D.C. (the nation's capital), and several territories.

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Federal Reserve System

The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.

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Fiat money

Fiat money is a currency without intrinsic value that has been established as money, often by government regulation.

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Financial crisis of 2007–2008

The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.

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Fixed exchange-rate system

A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime where a currency's value is fixed against either the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold.

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Floating exchange rate

A floating exchange rate (also called a fluctuating or flexible exchange rate) is a type of exchange-rate regime in which a currency's value is allowed to fluctuate in response to foreign-exchange market mechanisms.

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Foreign exchange market

The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies.

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Gold

Gold is a chemical element with symbol Au (from aurum) and atomic number 79, making it one of the higher atomic number elements that occur naturally.

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Government debt

Government debt (also known as public interest, public debt, national debt and sovereign debt) is the debt owed by a government.

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Group of Ten (economics)

The Group of Ten (G-10 or G10) refers to the group of countries that agreed to participate in the General Arrangements to Borrow (GAB), an agreement to provide the International Monetary Fund (IMF) with additional funds to increase its lending ability.

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Hedge (finance)

A hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion investment.

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John Connally

John Bowden Connally Jr. (February 27, 1917June 15, 1993) was an American politician.

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List of Nobel Memorial Prize laureates in Economics

The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is awarded annually by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences.

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London Gold Pool

The London Gold Pool was the pooling of gold reserves by a group of eight central banks in the United States and seven European countries that agreed on 1 November 1961 to cooperate in maintaining the Bretton Woods System of fixed-rate convertible currencies and defending a gold price of US$35 per troy ounce by interventions in the London gold market.

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Marshall Plan

The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative to aid Western Europe, in which the United States gave over $13 billion (nearly $ billion in US dollars) in economic assistance to help rebuild Western European economies after the end of World War II.

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Monetary inflation

Monetary inflation is a sustained increase in the money supply of a country (or currency area).

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Monetary policy

Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

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Money supply

In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.

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Nobel Memorial Prize in Economic Sciences

The Nobel Memorial Prize in Economic Sciences (officially Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.

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Paul Krugman

Paul Robin Krugman (born February 28, 1953) is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times.

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Paul Volcker

Paul Adolph Volcker Jr. (born September 5, 1927) is an American economist.

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Petrodollar recycling

Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars").

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President of the United States

The President of the United States (POTUS) is the head of state and head of government of the United States of America.

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Price gouging

Price gouging is a pejorative term referring to when a seller spikes the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent.

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Revaluation

Revaluation is a change in a price of a good or product, or especially of a currency, in which case it is specifically an official rise of the value of the currency in relation to a foreign currency in a fixed exchange rate system.

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Richard Nixon

Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was an American politician who served as the 37th President of the United States, serving from 1969 until 1974, when he resigned from office, the only U.S. president to do so.

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Smithsonian Agreement

The Smithsonian Agreement is an agreement, announced in December 1971 that created a new dollar standard whereby the major currencies of the mostly highly industrialized nations were pegged to the US dollar at central rates, with the currencies being allowed to fluctuate by 2.25%.

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Switzerland

Switzerland, officially the Swiss Confederation, is a sovereign state in Europe.

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Triffin dilemma

The Triffin dilemma or Triffin paradox is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies.

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United States

The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

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United States Bullion Depository

The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located within the United States Army post of Fort Knox, Kentucky.

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United States Congress

The United States Congress is the bicameral legislature of the Federal government of the United States.

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United States dollar

The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution since 1792.

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United States Secretary of the Treasury

The Secretary of the Treasury is the head of the U.S. Department of the Treasury which is concerned with financial and monetary matters, and, until 2003, also included several federal law enforcement agencies.

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Vietnam War

The Vietnam War (Chiến tranh Việt Nam), also known as the Second Indochina War, and in Vietnam as the Resistance War Against America (Kháng chiến chống Mỹ) or simply the American War, was a conflict that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975.

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Wall Street Crash of 1929

The Wall Street Crash of 1929, also known as Black Tuesday (October 29), the Great Crash, or the Stock Market Crash of 1929, began on October 24, 1929 ("Black Thursday"), and was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its after effects.

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West Germany

West Germany is the common English name for the Federal Republic of Germany (FRG; Bundesrepublik Deutschland, BRD) in the period between its creation on 23 May 1949 and German reunification on 3 October 1990.

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World War II

World War II (often abbreviated to WWII or WW2), also known as the Second World War, was a global war that lasted from 1939 to 1945, although conflicts reflecting the ideological clash between what would become the Allied and Axis blocs began earlier.

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1973–75 recession

The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall Post–World War II economic expansion.

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Dollar Hegemony, Dollar hegemony, Nixon Shock, Superseded Part Numbers.

References

[1] https://en.wikipedia.org/wiki/Nixon_shock

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