Nixon closing the Gold Window

Recently came accross this video of President Nixon delcaring he was suspending convertibility of the US $ into gold by foriegn govts.

Some background:

De Gaulle instructed the Banque de France to increase the rate at which new dollars were converted to gold bullion and sent the French navy across the Atlantic to hand over dollars and pick up gold bullion in exchange. In 1965 alone, the French navy ferried back over $150 million of gold bullion thereby increasing the proportion of French national reserves held in gold from 71.4% to 91.9%.

Due to inflationary pressures on the US $ as a result of printing $ and foriegn borrowing to fund the Indo China war on August 15, 1971, President Nixon imposed a 90-day wage and price freeze, a 10 percent import surcharge, and, most importantly, “closed the gold window”, ending convertibility between US dollars and gold.