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

Question

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President Nixon announced that the U.S. dollar would no longer be convertible into gold, effectively ending the Bretton Woods system and the fixed exchange rate regime. This decision was known as the "Nixon Shock" and had significant implications for the global money system.

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