Nixon shock ends dollar-gold convertibility

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• Princes of the Yen whole source · open book

  Consequently, in August 1971, in what is often called the “Nixon shock,” the United States had to suspend the convertibility of dollars into gold. The fixed exchange rate system collapsed and the U.S. dollar fell sharply on world markets.

  chapter: 7. Japan’s First Bubble Economy

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• Richard Werner author of the source

Appears in 4 stories

• From Bretton Woods to the euro: monetary regimes around Japan step 4
• Princes of the Yen: Japan built, bubbled, and broken step 123
• The passing of the torch: how the American century replaced the British one step 26
• The petrodollar order: the dollar without gold step 2

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