How did Richard Nixon respond to the increasing instability of the dollar in the early 1970s?

In response to the increasing instability of the dollar in the early 1970s, Richard Nixon enacted the Nixon Shock in August 1971. This series of measures included the suspension of the dollar's convertibility into gold, effectively ending the Bretton Woods system of fixed exchange rates. Additionally, Nixon implemented wage and price controls to combat inflation and stabilize the economy. These actions marked a significant shift in U.S. monetary policy and contributed to the transition to a system of floating exchange rates.