Proper noun
the Nixon shock
(economics, historical) A series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.
As it resulted in considerably reducing U.S. gold stock and U.S. economic influence, it led U.S. President Richard Nixon to unilaterally end the convertibility of the dollar to gold on 15 August 1971 (the " Nixon Shock "). Source: Internet