Aug. 15 marks the anniversary of Richard Nixon’s 1971 decision to sever the link of the U.S. dollar to gold.
He was nominated by Nixon at the start of 1971 to shake up his economic team and create allies in Congress.
Burns came to the White House in 1968 as Nixon’s economic counselor and one of his most trusted confidants.
Nixon’s economic team continued to refine and debate options, however in May of 1971 financial markets forced the issue.
Following the Nixon shock of 1971, there were a regular series of crises.
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