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	Podcast:		Witness
	Episode:		The 'Nixon Shock' and the end of the Gold Standard
	Category:		Society & Culture
	Duration:		00:10:16
	Publish Date:		2022-08-25 09:00:00
	Description:		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' 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)
	Total Play:		0