The Nixon Shock was an economic policy shift undertaken by President Nixon to prioritize the United States' economic growth in terms of jobs and exchange rate stability.

On August 15, 1971, President Richard M. Nixon announced his New Economic Policy, a program “to create a new prosperity without war.” Known colloquially as the “Nixon shock,” the initiative marked the beginning of the end for the Bretton Woods system of fixed exchange rates established at the end of World War II.

The term Nixon Shock was popularized as a reference to the impact of a set of economic policies enacted by former US President Richard Nixon. The economic policies included measures to address unemployment, inflation, and protecting the US dollar from international speculation.

A reader asks "What Forced Nixon to Close the Gold Window in 1971?" The answer is called " Nixon Shock ". Nixon wanted to fight the war in Vietnam, not raise taxes, and not hike interest rates to...

As a result of Nixon Shock, the Federal Reserve System (which controls the money supply in the United States) can respond to economic crises by expanding or shrinking the money supply more easily.

The “Nixon Shock”—as the unilateral suspension of Bretton Woods is often referred to—brought about a sea of change in economies and societies around the world, because from that moment on all national currencies stopped having an anchor. Fiat currencies could be created boundlessly.

The Nixon Shock was a central cause of the Great Inflation. It also spelled the end of the fixed relationships that had governed the financial universe.

President Richard Nixon’s actions in 1971 to end dollar convertibility to gold and implement wage/price controls were intended to address the international dilemma of a looming gold run and the domestic problem of inflation. The new economic policy marked the beginning of the end of the Bretton Woods international monetary system and temporarily halted inflation.

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