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Today in history: America goes off the gold standard
The move became known as the "Nixon Shock"
 
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.

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