Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th president of the United States, serving from 1969 to 1974. A member of the Republican Party, Nixon previously served as the 36th vice president from 1953 to 1961, having risen to national prominence as a representative and senator from California.https://en.wikipedia.org/wiki/Richard_Nixon
Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th president of the United States, serving from 1969 to 1974. A member of the Republican Party, Nixon previously served as the 36th vice president from 1953 to 1961, having risen to national prominence as a representative and senator from California.
Richard Nixon (1913-94), the 37th U.S. president, is best remembered as the only president ever to resign from office. Nixon stepped down in 1974, halfway through his second term, rather than face...
Richard M. Nixon. Richard Nixon was elected the 37th President of the United States (1969-1974) after previously serving as a U.S. Representative and a U.S. Senator from California.
Jun 01, 2021 · Richard Nixon, in full Richard Milhous Nixon, (born January 9, 1913, Yorba Linda, California, U.S.—died April 22, 1994, New York, New York), 37th president of the United States (1969–74), who, faced with almost certain impeachment for his role in the Watergate scandal, became the first American president to resign from office.
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Nov 21, 2017 · Richard Nixon was a Republican congressman who served as vice president under Dwight D. Eisenhower. Nixon ran for president in 1960 but lost to charismatic Massachusetts Senator John F. Kennedy....
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The presidency of Richard Nixon began at noon EST on January 20, 1969, when Richard Nixon was inaugurated as 37th President of the United States, and ended on August 9, 1974, when he resigned in the face of almost certain impeachment and removal from office, the only U.S. president ever to do so.
Over the previous four years, Nixon had not only worked hard to promote the policies of the Eisenhower administration but had used the vice presidency to build a foundation of support among the regulars of the Republican Party that made him the early favorite for the presidential nomination in 1960.
- Nixon's Policies Hurt The Dollar
- Balance of Payments Deficit
- Nixon's Focus on Re-Election Changed The World Forever
- four-month Import Tax
- Nixon Then Created The 1973-1975 Recession
- Nixon Doctrine
- Nixon's Early Years
- Other Presidents' Economic Policies
Those well-publicized events overshadow how Nixon almost destroyed the U.S. economy. To cure mild inflation, he imposed harmful wage-price controls. That move bypassed America's free-market economy. Even worse, Nixon ended the gold standard that tied the dollar's value to gold. This move created a decade of stagflation. It was only cured by double-digit interest rates, causing the devastating 1981 recession. Ending the gold standard permitted the U.S. government to print dollars to solve every economic woe. That ensured the dollar's value would fall indefinitely. How did that happen?
In 1968, President Johnson's spending on the Vietnam War and the Great Society boosted economic growth to 4.9%.3 But it sent inflation to a disturbing 4.7%.4 As Americans prospered, they imported more goods, paying in dollars. That created a huge balance of paymentsdeficit. The excess of dollars threatened the gold standard. That's where the Federal Reserve redeemed $35 for an ounce of gold. In 1968, the United States had over $45 billion in federal reserve note liabilities, but held only about $10 billion in gold. It wasn't enough to redeem the liabilities.5 Foreign holders turned in their dollars for gold, depleting central banks' gold reserves even more.6 To make the dollar more attractive to hold, the Federal Reserve raised interest rates to 6%. But the run on gold continued. It boosted inflation to 6.2% in 1969, Nixon's first year in office.7 The Fed defended the gold standard by raising rates to 9.19%.8 Unfortunately, it also created a mild recession that started later t...
With his re-election looming, Nixon attacked this mild type of inflationand unemployment. He announced the "Nixon Shock" in an August 15, 1971, speech. Worthwhile goals, but the solutions were devastating. First, Nixon ordered a 90-day "...freeze on all prices and wages throughout the United States.”10 He created a Pay Board and Price Commission to control increases until well after the 1972 election.11 Wage and price controls don't work in a free market economy. Workers can no longer get raises, giving them less money to buy goods and services. That lowers demand. Businesses can't lower prices to boost demand. Neither can they raise prices, even though the cost of their imported materials increases. They can't lower wages, so they reduce hiring and, consequently, demand. Second, Nixon closed the gold window. This dropped an economic bomb on the allies who had signed the Bretton Woods Agreement after World War II. The Fed simply stopped redeeming dollars with gold. In other words,...
Third, Nixon imposed a 10% import tax to reduce the balance of payments.13 It only lasted four months and forced America's trade partners to raise the price of gold to $38 per ounce. This was only a $3 increase, but it also sent the value of the dollar down.14 15 That made imported goods more expensive and created moreinflation. It also destroyed the trust needed for global trade. Our allies began printing more of their own currency and raising interest rates to boost their value. Nixon's actions were popular at home, propelling him to victory in 1972. He won every state but Massachusetts. He went on to achieve his most notable foreign policy accomplishments. He went to Beijing, signed the Strategic Arms Limitation Treaty, and ended the Vietnam War. But he also sowed the seeds of stagflation.
In 1973, Nixon devalued the dollar even further, making an ounce of gold worth $42.16 As the dollar devalued, people sold their greenbacks for gold. By late 1973, Nixon decoupled the dollar from gold completely. The market quickly sent the price of the precious metal to $120 per ounce.17 Inflation was in the double digits. It ended the 100-year history of the gold standard. Wage-price controls created a recession in November 1973. Nixon eliminated them in April 1974, but the damage was done.18 There were three consecutive quarters of negative gross domestic product growth: 1. Q3 1974, down 3.7%. 2. Q4 1974, down 1.5%. 3. Q1 1975, down 4.8%.19 Unemployment hit 9% in May 1975.20 Inflation hovered stubbornly between 10 and 12% from February 1974 through April 1975.7 The OPEC oil embargo is typically blamed for causing the recession by quadrupling prices. But it only added fuel to an already raging fire, one of the worst in the history of recessions.
On July 25, 1969, Nixon stated that the United States would now expect its allies to take care of their own defense, but would provide aid as requested. The doctrine's purpose was to respond to anti-war protests and get the United States out of direct combat in Vietnam. Instead, the United States would train and arm local forces.21 The Nixon Doctrine had a more long-lasting economic impact. It provided an entry into involvement in the Middle East. It outsourced protection of the oil supply in the region to the Shah of Iran and Saudi Arabia. Between 1970 and 1979, the United States delivered almost $19 billion in arms to the two countries to defend against communism.22 The arrangement continued until Russia invaded Afghanistan in 1978 and the Shah was overthrown in 1979. The Doctrine laid the groundwork for the War in Afghanistan and the Iraq War. These wars added $1.5 trillion to the U.S. debt.23 Nixon only added $121 billion to the $354 billion national debt during his term in o...
In 1972, the Committee to Re-elect the President authorized a break-in. It was at the offices of the Democratic National Committee in the Watergate office building. A grand jury indicted seven of Nixon's aides. Nixon tried to divert the investigation, which led to calls for his impeachment.25 The special prosecutor for Watergate sought audio tapes of conversations recorded by Nixon in the Oval Office. Nixon refused, claiming "executive privilege" made him immune. In the United States v. Nixon, the Supreme Court found that Nixon did not have the right, in this case, to withhold information to preserve confidential communications. This wasn't a diplomatic affair nor did it secure the national interest.26 Rather than be impeached for Watergate, Nixon resigned on August 9, 1974.27 But the recession he created didn't end until 1975 after the Fed lowered interest rates. This move only spurred the inflation Nixon had created when he ended the gold standard. To combat inflation, Federal...
Nixon was born in California in 1913. His first job was working at his father's grocery store. Yet, he grew up in poverty, and two of his brothers died of tuberculosis. Nixon graduated from Whittier College and Duke University Law School. He was a private practice lawyer until he joined the Navy in World War II. He became a Congressman in 1948. In August, Nixon brought former State Department official Alger Hiss to the witness stand of the House Un-American Activities Committee. The committee accused Hiss of being a Soviet agent and convicted him of perjury. This verdict catapulted Nixon into national attention. It helped him become a California Senator in 1950. In 1952, Nixon denied charges of improper use of campaign funds. He said the only gift he kept was his dog Checkers. He became vice president under President Eisenhower in 1953.30 In March 1960, while Nixon was running against John F. Kennedy for president, Arthur Burns warned him that the economy would weaken before the No...Donald J. Trump (2017 - 2021)Barack Obama (2009 - 2017)George W. Bush (2001 - 2009)Bill Clinton (1993 - 2001)
On June 17, 1972, five men, including a salaried security coordinator for President Nixons reelection committee, were arrested for breaking into and illegally wiretapping the Democratic National Committee headquarters in the Washington, D.C., Watergate complex. Soon after, two other former White House aides were implicated in the break-in, but the Nixon administration denied any involvement. Later that year, reporters Carl Bernstein and Bob Woodward of The Washington Post discovered a higher-echelon conspiracy surrounding the incident, and a political scandal of unprecedented magnitude erupted.
In May 1973, the Senate Select Committee on Presidential Campaign Activities, headed by Senator Sam Ervin of North Carolina, began televised proceedings on the rapidly escalating Watergate affair. One week later, Harvard law professor Archibald Cox was sworn in as special Watergate prosecutor. During the Senate hearings, former White House legal counsel John Dean testified that the Watergate break-in had been approved by former Attorney General John Mitchell with the knowledge of White House advisers John Ehrlichman and H.R. Haldeman, and that President Nixon had been aware of the cover-up. Meanwhile, Watergate prosecutor Cox and his staff began to uncover widespread evidence of political espionage by the Nixon reelection committee, illegal wiretapping of thousands of citizens by the administration, and contributions to the Republican Party in return for political favors.
In July, the existence of what were to be called the Watergate tapesofficial recordings of White House conversations between Nixon and his staffwas revealed during the Senate hearings. Cox subpoenaed these tapes, and after three months of delay President Nixon agreed to send summaries of the recordings. Cox rejected the summaries, and Nixon fired him. His successor as special prosecutor, Leon Jaworski, leveled indictments against several high-ranking administration officials, including Mitchell and Dean, who were duly convicted.
Public confidence in the president rapidly waned, and by the end of July 1974 the House Judiciary Committee had adopted three articles of impeachment against President Nixon: obstruction of justice, abuse of presidential powers, and hindrance of the impeachment process. On July 30, under coercion from the Supreme Court, Nixon finally released the Watergate tapes. On August 5, transcripts of the recordings were released, including a segment in which the president was heard instructing Haldeman to order the FBI to halt the Watergate investigation. Three days later, Nixon announced his resignation.
Apr 19, 2021 · Welcome to the Richard Nixon Presidential Library and Museum. 18001 Yorba Linda Blvd, Yorba Linda, CA 92886. Main Line: 714-983-9120. Research: 714-983-9320. Museum Hours.