Jeffrey Garten on the President Nixon’s Transformation of the Global Monetary System

Fifty years ago today, President Nixon addressed the nation on television to announce “the most comprehensive new economic policy to be undertaken in this nation in four decades.” Jeffrey Garten, the former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the August 1971 meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard—breaking the link between gold and the dollar—transforming the entire global monetary system. He is the author of the book, "Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy.” Purchase the book at the Nixon Library Store: https://bit.ly/37GxuwK Interview by Frank Gannon. Photo: President Nixon in the Oval Office on the evening of his address to the nation on the New Economic Policy, August 15, 1971. (Richard Nixon Presidential Library)