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Understanding the real impact of the 'Nixon Shock'

How best to control money still eludes the world's advanced economies

| U.S.
President Richard Nixon, pictured in his White House office after delivering a nationwide television addressposes on Aug. 15, 1971: it still deserves to be remembered as a shock.   © AP

Masaaki Shirakawa is a former governor of the Bank of Japan.

This month marked the 50th anniversary of the "Nixon Shock," when U.S. President Richard Nixon decided to suspend the convertibility of foreign official holdings of dollar into gold, making now a worthwhile moment to look back on how it affected the global economy, ponder its historical importance and consider the challenges ahead.

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