40th Anniversary of “Nixon Shock” Recalls Drastic Economic Effects That Persist Today

President Richard Nixon’s fateful decision to end dollar-to-gold convertibility is memorialized in a new blog series from TheGoldStandardNow.org.

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TheGoldStandardNow.org blog series combines a history of the 1971 “Nixon Shock” with insider accounts from some of the most important advisors to President Nixon.

New York, NY (PRWEB) August 10, 2011

August 15 marks the 40th anniversary of the “Nixon Shock,” President Nixon’s decision to abolish dollar-to-gold convertibility in the United States, effectively ending the last remnants of the gold standard. To mark this event, TheGoldStandardNow.org is featuring a blog series in eight parts, aimed at enlightening people to the events leading up to this fateful pronouncement, with insight from the key players involved.

In the early 1970s, accelerated inflation rates and prolonged involvement in the Vietnam War caused decreased faith in the US dollar. By 1971, the government was printing more money and the dollar’s value continued to decrease. Other nations began demanding redemption of gold in exchange for dollar holdings, depleting US gold stores. To combat these moves, Nixon announced an end to direct gold-dollar convertibility.

TheGoldStandardNow.org blog series combines a history of the 1971 “Nixon Shock” with insider accounts from some of the most important advisors to President Nixon. Henry Kissinger, Chief of Staff H.R. Haldeman and Fed Chairman Arthur Burns are all included, as well as several other major participants in the decision.

Part I – “Haldeman Remembers”, Part II – “President Nixon’s Version of “The Next Big Thing”, and Part III – “Advisor Stein and the Politics of the Nixon Shock” are all available to read. The website will release new additions periodically, leading up to the August 15th anniversary.

About The Lehrman Institute
The Lehrman Institute is dedicated to public policy, educational and historical research. It was founded in 1972 by Lewis E. Lehrman. The Lehrman Institute has sponsored a wide range of research and discussion in the fields of economics, historical research, foreign policy, and urban policy. TheGoldStandardNow.org is a news and commentary aggregator focused on domestic and international monetary policy issues.

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