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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Louis V. Lambrecht who wrote (18097)	4/11/2002 5:27:53 PM
From: elmatador	Read Replies (1) \| Respond to of 74559

In the end, the unilateral abandonment of gold as part of a New Economy Program announced on Sunday 15th, 1971 in a televised address by President Nixon owed everything to domestic political considerations. The speech was turned by skillfully writing into an assertion of American strength and a blow against inflation rather than an acknowledgement of economic failure. The program contained tax cuts in order to boost employment; a 90-day freeze on wages and prices, the suspension of the FED swap network; a temporarily 10% surcharge on imports "to ensure that A,Mercian products will not be at a disadvantage because of unfair exchange rates"; limitations on the use of US international reserve assets (that is gold) and a notification to the IMF that there would no longer be free buying and selling of gold in the US