Yoman Geva 500, 1971

The Dollar Depreciates Following a New Economic Policy in the United States

1971
  • Rate
In response to increasing inflation, Richard Nixons new economic policy freezes wages and prices, adds surcharges on imports, and unilaterally cancels the direct international convertibility of the United States dollar to gold. These decisions lead to the devaluation of the dollar which was felt in Israel a few days later. Banks declared a day off. Police officers guard the closed banks while the money changers of the black market on Lilienblum Street still work, but to a lesser extent.
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