Nixon Shock and the end of dollar–gold convertibility (August 1971–1973)

1. Bretton Woods establishes dollar–gold anchor

   Jul 22, 1944Labels: Bretton Woods, U S, Gold convertibility

   • IMF Articles
   • State Milestones

2. U.S. faces rising pressure on gold reserves

   Jan 1, 1960Labels: United States, U S, Foreign holdings

   • State Milestones
   • Fed History

3. Germany lets the Deutsche Mark float temporarily

   May 6, 1971Labels: West Germany, Deutsche Mark, Currency float

   • Bundesbank

4. Nixon announces New Economic Policy and closes “gold window”

   Aug 15, 1971Labels: Richard Nixon, Gold window, Nixon Shock

   • State Milestones
   • Nixon Archive

5. Wage–price freeze begins under Executive Order 11615

   Aug 15, 1971Labels: Executive Order, Wage price, United States

   • EO 11615
   • State Milestones

6. U.S. imposes 10% import surcharge by proclamation

   Aug 15, 1971Labels: Import surcharge, United States, Trade policy

   • Procl 4074
   • State Milestones

7. Smithsonian Agreement realigns currencies, expands trading bands

   Dec 18, 1971Labels: Smithsonian Agreement, Major powers, Currency realignment

   • Fed History
   • State Milestones

8. Import surcharge ends as part of the Smithsonian deal

   Dec 20, 1971Labels: Import surcharge, Smithsonian Agreement, United States

   • GAO Note
   • Fed History

9. Dollar devalued again as fixed-rate pressures persist

   Feb 12, 1973Labels: Dollar devaluation, United States, Exchange pressures

   • State Milestones
   • Fed History

10. Major currencies shift to floating exchange rates

    Mar 2, 1973Labels: Floating exchange, Major currencies, Foreign exchange

    • Bundesbank
    • FRUS Docs

11. European “snake” continues after dollar-based tunnel breaks

    Mar 12, 1973Labels: European snake, European Community, Regional arrangement

    • IMF Silent
    • Werner 50

12. Jamaica meetings agree to reform IMF exchange-rate rules

    Jan 8, 1976Labels: Jamaica Agreements, International Monetary, Gold role

    • FRUS Memo
    • UK Hansard