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Nixon’s shock and Canada’s money
U.S. President Richard Nixon’s television address in August 1971, announcing the end of dollar-gold convertibility, fundamentally transformed the global monetary system and hit Canada’s economy with unexpected force.
When U.S. President Richard Nixon stunned the world by cutting the dollar’s link to gold, it sent economic shock waves across every major economy. For Canada, the “Nixon Shock” marked both a turning point and a test, as the federal government’s earlier decision to let the Canadian dollar float suddenly positioned the country as a... Continue reading →