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Nixon Faces Reality as U.S. Dollar Devalues
Nixon moves toward devaluation, a step long deemed unthinkable, in a shift that could raise import prices for consumers while potentially saving some domestic jobs in industries harmed by foreign competition. The surprise decision follows months of groundwork, echoing his China outreach and altering the dollar’s standing since Bretton Woods.
MENTIONED IN THIS ARTICLE
Nixon
U.S
Washington
UPI
China
George Pompidou