The term "Nixon shock" describes which of the following actions? A. Nixon's announcement of a gradual troop withdrawal in Vietnam B. Nixon's impeachment for his role in covering up illegal activity C. Nixon's insistence that all U.S. allies jion the Bretton Woods system D. Nixon's decision to end the U.S. dollar's convertibility to gold
History · High School · Wed Jan 13 2021
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D. Nixon's decision to end the U.S. dollar's convertibility to gold.
The Nixon shock refers to President Richard Nixon's announcement on August 15, 1971, that the United States would no longer convert dollars to gold at a fixed value, effectively ending the gold standard. This decision had significant implications for international finance and marked a major shift in the global monetary system.