The Nixon Shock Doctrine Revisited

FLORENCE – Richard Nixon has been dead for 15 years, but he is making another comeback in America. The 37th President of the United States believed that international monetary relations are unlikely to be transformed by talking. Instead, he thought that radical unilateral action was required. Today, pressure is increasing for the US Treasury to follow Nixon’s misguided example and issue a finding (due by April 15th) that China is manipulating its exchange rate.