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the strength of a nations currency is based on the strength of that nations economy and the american economy is by far the strongest in the world accordingly i have directed the secretary of the treasury to take the action necessary to defend the dollar against the speculators i have directed secretary connelly to suspend temporarily the convertibility of the dollar into gold or other reserve assets except in amounts and conditions determined to be in the interest of monetary stability and in the best interest of the united states august 15 1971 will stand as an important event in economic history for many many uh generations in fact you know hundreds of years from now people will look back to that day the sun rises today as it has a million times before commuters wake up and travel to their offices to begin the days work farmers tend to their crops construction workers build new infrastructure today is a day like any other or is it in 2008 the world experienced one of the greatest