against other currencies

eclaring an opposition to the idea, he decided to offer Congress a budget with deficit spending to reduce unemployment and declared, "Now I am a Keynesian".[97]


Nixon in the Oval Office
Another large part of Nixon's plan was the detachment of the dollar from the gold standard.[96] By the time Nixon took office, U.S. gold reserves had declined from $25 billion to $10.5 billion. Gold was an underpriced commodity, as the dollar was overpriced as a currency. The United States was on the verge of running its first trade deficit in over 75 years.[104] The price of gold had been set at $35 an ounce since the days of Franklin Roosevelt's presidency; foreign countries acquired more dollar reserves, outnumbering the entire amount of gold the United States possessed. Nixon completely eradicated the gold standard, preventing other countries from being able to claim gold in exchange for their dollar reserves, but also weakening the exchange rate of the dollar against other currencies

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