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As Treasury Secretary, Connally was involved in the dollar's detachment from what?
Euro
Stock market
Silver
Gold standard
Answer
The dollar's detachment from the gold standard, spearheaded by then-Treasury Secretary John Connally, was a pivotal move that severed the direct link between the value of the U.S. dollar and its equivalent in gold. This decision, reached on August 15, 1971, marked a significant shift in the global monetary system, allowing currencies to fluctuate freely based on market forces rather than being pegged to the value of gold.
The Connally Conundrum: A Journey through the Life of John Connally
More Questions
What was the name of the financial event Connally oversaw as Treasury Secretary?
Which role did Connally take after stepping down as Treasury Secretary?
In what year did Connally run for the Republican presidential nomination?
How did John Connally pass away?
Connally was part of which President's administration first?
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