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Nixon Shock


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Quotes of the day:

It is especially important to encourage unorthodox thinking when the situation is critical At such moments every new word and fresh thought is more precious than gold. Indeed, people must not be deprived of the right to think their own thoughts.

— Boris Nikolayevich Yeltsin

Nixon Shock is a phrase used to describe the aftereffect of a set of economic policies touted by former President Richard Nixon in 1971. Most notably, the policies eventually led to the collapse of the Bretton Woods system of fixed exchange rates that went into effect after World War II.

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