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At line 17 changed one line
A negative [balance of payments|https://en.wikipedia.org/wiki/Balance_of_payments] , growing  [public debt|https://en.wikipedia.org/wiki/Public_debt] incurred by the [Vietnam War|https://en.wikipedia.org/wiki/Vietnam_War] and [Great Society|https://en.wikipedia.org/wiki/Great_Society] programs, and [monetary inflation|https://en.wikipedia.org/wiki/Monetary_inflation] by the [Federal Reserve] caused the [United States Dollar] to become increasingly overvalued.
A negative [balance of payments|https://en.wikipedia.org/wiki/Balance_of_payments], growing [public debt|https://en.wikipedia.org/wiki/Public_debt] incurred by the [Vietnam War|https://en.wikipedia.org/wiki/Vietnam_War] and [Great Society|https://en.wikipedia.org/wiki/Great_Society] programs, and [monetary inflation|https://en.wikipedia.org/wiki/Monetary_inflation] by the [Federal Reserve] caused the [United States Dollar] to become increasingly overvalued.
At line 19 changed one line
The drain on [United States] gold reserves culminated with the [London Gold Pool|https://en.wikipedia.org/wiki/London_Gold_Pool] collapse in March 1968.%%sup [[49]/% By [1970|Year 1970], the U.S. had seen its gold coverage deteriorate from 55% to 22%. This, in the view of  [neoclassical economists|https://en.wikipedia.org/wiki/Neoclassical_economics], represented the point where holders of the dollar had lost faith in the ability of the U.S. to cut budget and trade deficits.
The drain on [United States] gold reserves culminated with the [London Gold Pool|https://en.wikipedia.org/wiki/London_Gold_Pool] collapse in March 1968. By [1970|Year 1970], the U.S. had seen its gold coverage deteriorate from 55% to 22%. This, in the view of  [neoclassical economists|https://en.wikipedia.org/wiki/Neoclassical_economics], represented the point where holders of the dollar had lost faith in the ability of the U.S. to cut budget and trade deficits.
At line 23 changed 4 lines
On 15 August [1971|Year 1971], Nixon issued  [Executive Order 11615] pursuant to the  [Economic Stabilization Act of 1970|https://en.wikipedia.org/wiki/Economic_Stabilization_Act_of_1970]:
* unilaterally imposing 90-day wage and price controls
* a 10% import surcharge
* "closed the gold window", making the [United States Dollar] inconvertible to gold directly, except on the open market: effectively bringing the [{$pagename}] to an end and rendering the [United States Dollar] a [Fiat Currency].
On 15 August [1971|Year 1971], Nixon issued [Executive Order 11615] pursuant to the [Economic Stabilization Act of 1970|https://en.wikipedia.org/wiki/Economic_Stabilization_Act_of_1970] effectively bringing the [{$pagename}] to an end and rendering the [United States Dollar] a [Fiat Currency].
This page (revision-10) was last changed on 29-Nov-2024 16:16 by -jimTop