Nixon Shock: The Nixon Shock was a series of economic and foreign policy changes announced by U.S. President Richard Nixon in 1971, including the suspension of the direct convertibility of the U.S. dollar to gold, the ending of the Bretton Woods Accord, and the implementation of a 90-day wage and price freeze. These measures resulted in dramatic shifts in the global financial landscape, leading to long-term economic instability and uncertainty. Despite its turbulent effects, some consider it a bold move that opened the door for future innovation and change in global markets.