WTF ELSE happened in 1971? History may not repeat, but it sure does rhyme....(Mark Twain) 1. Wage and price controls and tariffs (August) Along with suspending the gold convertability standard, Nixon implemented a10% import surcharge and a "90 day" wage and price freeze that lasted until 1973. This gave the inflation shock a two year head start against incomes. They never caught up. 2. The Smithsonian Agreement (December) The G10 countries agreed to an 8.5% dollar devaluation and increased the trading band for currencies to +/- 2.25%. The increased volatility lead to the complete break of the " peg " in 1973. This was the start of the free floating fiat currency system we know today. Floating rates enabled capital mobility, offshoring and suppressed labor costs further (which were frozen) amid global competition. Easy Money and debt monitization followed with the... 3. Revenue Act of 1971 (December) Provided business tax cuts with no corresponding cut in spending (fiscal stimulus). This further increased inflation, encentivised capital markets over labor (again... frozen) and marked the beginning of what would become known as "supply side" economic policies. 4. Creation of the WEF (January1971). Yes, that WEF. It was started as the European Managment Symposium that laid the groundwork for policies that promoted globalism along with "public-priviate partnerships". Specifically policies (implimented later that year 👆) that would lead to the offshore of jobs from the US to Europe and emerging markets. They promoted financial regulation reform for capital markets and the debt fueled growth model. 5. Creation of the NASDAQ (February 1971) Founded by what is now known as Financial Industry Regulatiory Authority NASDAQ started as the world's first fully electronic stock market. With reduced listing requirements (compared to the NYSE) and global connectivity it facilitaded corporate financialization and helped enable the growth of the multi-national corporationns. 6. Nixon began to open China In 1971, national security adviser Henry Kissinger flew to Beijing on a secret diplomatic mission to lay the groundwork for the 1972 presidential visit...and the rest, as they say, is history.