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

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's 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)

Om Podcasten

Eye-witness accounts brought to life by archive. Witness History is for those fascinated by the past. We take you to the events that have shaped our world through the eyes of the people who were there. For nine minutes every day, we take you back in time and all over the world, to examine wars, coups, scientific discoveries, cultural moments and much more. Recent episodes explore everything from the death of Adolf Hitler, the first spacewalk and the making of the movie Jaws, to celebrity tortoise Lonesome George, the Kobe earthquake and the invention of superglue. We look at the lives of some of the most famous leaders, artists, scientists and personalities in history, including: Eva Peron – Argentina’s Evita; President Ronald Reagan and his famous ‘tear down this wall’ speech; Thomas Keneally on why he wrote Schindler’s List; and Jacques Derrida, France’s ‘rock star’ philosopher. You can learn all about fascinating and surprising stories, such as the civil rights swimming protest, the disastrous D-Day rehearsal, and the death of one of the world’s oldest languages.