RSS
Today in history: August 15
In 1971, President Nixon took America off the gold standard
The end of a —golden— era.
The end of a —golden— era. Bettmann/CORBIS

Aug. 15, 1971: In what became known as the "Nixon Shock," President Richard Nixon took the United States off the gold standard — ending convertibility between the dollar and gold. Nixon also announced a 90-day freeze on wages, prices and rents — designed to combat inflation, which was heating up.

Quote of the Day:

"Everywhere that freedom stirs, let tyrants fear." -George W. Bush

More from West Wing Reports...

EDITORS' PICKS

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

Subscribe to the Week