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Events on Sunday 15 August 1971 1
1971Nixon Shock Ends Gold ConvertibilityUnited States suspends the dollar's convertibility to goldPresident Richard Nixon unilaterally ended the convertibility of the US dollar into gold, effectively terminating the Bretton Woods international monetary system. The move, paired with a 90-day wage and price freeze, was intended to combat inflation and a worsening balance of payments. It ushered in the era of floating exchange rates that continues today.