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Witness History: The 'Nixon Shock' and the end of the Gold Standard

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The 'Nixon Shock' and the end of the Gold Standard

25/08/2022 GMT

BBC World Service - Witness History, The 'Nixon Shock' and the end of the Gold Standard

In 1971, the US President, Richard Nixon, abandoned the Gold Standard

In 1971, the US President, Richard Nixon, shocked the world by abandoning the Gold Standard. Ben Henderson spoke to Bob Hormats, an economic adviser in the Nixon administration.

In 1971, inflation was a huge problem in the USA so the President, Richard Nixon, made one of the most drastic moves in economic history: abandoning the Gold Standard. It became known as the 'Nixon Shock' and nearly caused a trade war between America and its allies. But, it also saved the US' economy from a crisis. Ben Henderson spoke to Bob Hormats, an economic adviser in the Nixon administration, who was at the heart of decision-making.
(Picture from Bettmann via Getty Images: President Nixon with his economic advisers in 1971)

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