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...
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- What would a U.S.-Russia war look like?
- Fall movie guide: All the films you should see in September
- Scottish independence is another financial crisis waiting to happen
- 11 scientific studies that will restore your faith in humanity
- 7 things the world's happiest people do every day
- Why the West should let Russia have eastern Ukraine
- 10 things you need to know today: September 1, 2014
- These real-life Rosie the Riveters changed the face of labor
- Why you should stop believing in evolution
- 9 Harvard dropouts who became fabulously successful
Subscribe to the Week