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Economy worse in 1971

oldreliable67

oldreliable67

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ricksfolly said:
The economy was so bad 8/15/71 that Pres Nixon put a freeze on rents, wages and prices...

ricksfolly
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Yep, and effectively took the US off the Bretton Woods exchange rate regime.

He espoused the "New Economic Plan" or "NEP", which was the same name given to a previous plan by Lenin in 1921 (IIRC). :)
 
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ricksfolly

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oldreliable67 said:
Yep, and effectively took the US off the Bretton Woods exchange rate regime.

He espoused the "New Economic Plan" or "NEP", which was the same name given to a previous plan by Lenin in 1921 :)
Click to expand...

It was a desperate measure and probably the only time it ever happened, but what surprised me the most was that the Dems went along with it.

ricksfolly
 
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