In the Context of the Global Money System,in August 1971

question 105

Multiple Choice

In the context of the global money system,in August 1971 President Nixon made the following two announcements: (1) a new 10 percent tax on imports would remain in effect until the trading partners of the U.S.agreed to revalue their currency against the dollar and (2) _____.

• A) the dollar was no longer convertible into gold
• B) the U.S. would no longer support the World Bank
• C) the U.S. planned to devalue its currency by 20 percent
• D) the U.S. planned to call for a second Bretton Woods conference
• E) the U.S. would sell its entire gold reserve

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Definitions:

Juneteenth

An annual holiday commemorating the June 19, 1865, announcement of the abolition of slavery in Texas, and more broadly the emancipation of enslaved African Americans throughout the Confederate South.

Ku Klux Klan

A white supremacist hate group in the United States known for its racist, anti-immigrant, anti-Catholic, and anti-Semitic beliefs and acts of violence.

Department of Justice

A federal executive department of the U.S. government responsible for the enforcement of the law and administration of justice.

Cruikshank V. U.S.

Cruikshank v. U.S. (1876) was a landmark U.S. Supreme Court decision that limited the federal government's ability to intervene in cases of racial violence, weakening the enforcement of civil rights for African Americans.