#m=image%2Fjpeg&dim=720x405&blurhash=i7Ad7ft7Rj00M%7B-%3B%7Eq-%3B00%25Mt7Rj9FIUxuof%25Mt7D%25xuof%3FbRjayRjt7of00ofM%7B_3fQRjM%7BM%7BxuRjt7ofxufQRjj%5Bayt7&x=a16bf716f90c70dbf32bee7ca2985ff9667f28de8e79b9b28f8b07d701e6ef7b

In recent weeks, the speculators have been waging an all-out war on the American dollar. The strength of a nation's currency is based on the strength of that nation's economy--and the American economy is by far the strongest in the world. Accordingly, I have directed the Secretary of the Treasury to take the action necessary to defend the dollar against the speculators.

I have directed Secretary Connally to suspend temporarily the convertibility of the dollar into gold or other reserve assets, except in amounts and conditions determined to be in the interest of monetary stability and in the best interests of the United States.

Now, what is this action--which is very technical--what does it mean for you?

Let me lay to rest the bugaboo of what is called devaluation.

If you want to buy a foreign car or take a trip abroad, market conditions may cause your dollar to buy slightly less. But if you are among the overwhelming majority of Americans who buy American-made products in America, your dollar will be worth just as much tomorrow as it is today.

Richard Nixon

37th President of the United States: 1969 ‐ 1974

Address to the Nation Outlining a New Economic Policy: "The Challenge of Peace."

August 15, 1971 excerpt