It looks like you are using an ad blocker. That's okay. Who doesn't? But without advertising revenue, we can't keep making this site awesome. Click the link below for instructions on disabling adblock.
Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post.
Register to become a member today!
The Nixon shock was a series of economic measures undertaken by United States PresidentRichard 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.
we left the gold standard in 1971. this means that the US dollar was no longer priced in relation to the value of gold. commodities were free to increase in price (USD) and inflation really kicked off around this time.
