Short-Term Catalysts In his first year as president, Richard M. Nixon faced a recession that started in December, 1969 and ended in November, 1970. Consequently, to stimulate the economy with eyes on the 1972 presidential election, Nixon wanted an expansionary monetary policy. To this end, he pressured the Federal Reserve chairman Arthur F. Burns directly and indirectly using Office of Management and Budget Director George Shultz. Burns eventually adopted the expansionary monetary policy by loosening credit. Subsequently, this resulted in short-term notes investors going abroad for a better interest rate further placing pressure on the dollar. Moreover, the continued speculation of the dollar on the international monetary markets led the …show more content…
While some disputed over the validity of this British intent, with the gold reserves under $10 billion, a $3 billion rumored imminent conversion request placed the Bretton Woods into a liquidity crisis. A memorandum from the Acting Assistant Secretary of State for Economic Affairs, Julius Katz, to the Secretary of State William P. Rogers dated August 13, 1971 depicted the dollar in a clear distressed. For instance, Katz indicated that the dollar was severely overvalued in Europe and Japan financial markets. Furthermore, the central banks in these markets were in need of purchasing enormous amount of dollars to keep their reserve requirements. Accordingly, there was widespread speculation on an impending devaluation of the dollar. On this same day, President Nixon, a group of cabinet officials, economic advisors and political aides headed for the weekend summit at Camp David to address the ongoing dollar crisis. The conclusions stemmed from the weekend summit shaped the new economic policy announced by President Nixon on August 15, 1971, which became the Nixon shock. Although, the immediate goals of the Camp David summit were to address dollar crisis and the stability of Bretton Woods, the resulting new economic initiatives were the product of the summit participants and their deep rooted thoughts and
Richard Nixon’s involvement in the Watergate scandal left no doubt to his involvement of being impeached. During the Nixon Administration, he was able to prevent colleges from being gender biased and allowing both male and female to have equal opportunity and receiving financial aid as well as competing in sports. He was able to establish the Environmental Protection Agency. He also worked to create a relationship between the U.S and the Middle East. Unfortunately, even with all of the accomplishments, he was able to have, everyone will remember Richard Nixon as the president who was involved in the Watergate scandal. The Watergate scandal left an asterisk by his legacy while being in the office, the results left him with having to resign and with him facing criminal charges as well, the Scandal became well known to the public in the summer of 1974. Through my essay, I will discuss why I am intrigued by the Watergate scandal, and discuss what if Richard Nixon never got caught on the audio tape?
After years of LBJ's Great Society, Richard Nixon won the 1968 election on a pledge to stem the country's ballooning welfare programmes and reduce the government's role in the economy. Early in his presidency, Nixon placed fiscal conservatives in a number of high government positions. He named Donald Rumsfeld as the Director of the Office of Economic Opportunity, an organisation the man disliked, and a renowned economics professor and free market advocate, Arthur Burns, as the Chairman of the Federal Reserve. Reflecting his professed devotion to decentralisation, he also urged the Congress under the slogan, “New Federalism”, to delegate Washington's authority over social spending to individual states. The heady days of constant government
The Great Depression is undoubtedly one of the most significant events in American and world history. It was the most widespread depression in the 20th century affecting most nations in the world and lasting for as long as a decade. However, there still remain unanswered questions regarding the cause of the great depression. One of the most debated topics regarding the Great Depression continues to be the role of the Federal Reserve (Fed) in causing and prolonging the crisis. The Federal Reserve, the central banking system of the United States, was created on December 23, 1913, with the enactment of the Federal Reserve Act, primarily in response to a series of financial panics in 1907. The Fed had being in existence for 15 years before the
When people think of Richard Nixon the Watergate scandal may come to mind. Impeachment might also come to mind, but contrary to popular thought he was never truly impeached. Notably, the only impeached presidents are Andrew Johnson and Bill Clinton. Yet, Nixon has a strong public disapprobation. Most of Richard Nixon’s legacy remains surrounded by negativity, but is there anything positive or noteworthy regarding Nixon’s presidency? Due to the Watergate scandal, people tend to overlook many aspects of Richard Nixon, to include, his background, his actual involvement in Watergate, and his legacy.
After the Second World War, the United States and the Soviet Union emerged as superpowers and subsequently a period of tension and hostility arose, known as the Cold War. During this time, a new possibility of complete nuclear destruction that would claim the lives of many emerged, therefore “the easing or relaxing of tensions†on both sides was needed, this period would be known as detente. Both countries had been guaranteed mutually assured destruction as they had both managed to stay ahead in the development of nuclear arsenals. By the late 1960s the Soviets had surpassed the United States in intercontinental ballistic missiles (ICBM) by 1,300 to 1,054. Although the U.S was still
Born in 1913 in Yorba Linda, California, Richard Milhouse Nixon was raised in a Quaker home with his four brothers, mother and father. His family led a docile life by abstaining from all dancing, swearing, drinking and other common Quaker practices (Barron 12). Financially, the family struggled and he could not afford to attend Harvard University even with a full-ride scholarship. Instead, Nixon enrolled at Whittier College, a popular Quaker college close to home (Barron 39). Nixon began dominating all of his academics and it was at Whittier where he began to shape his future political career.
The purpose of Richard Nixon’s argument is to debate on the issues in American society. He relays how he plans to efficiently resolve the problems better than Kennedy would.
Chief executive manages every worker that work for the government. As head of the Executive Branch, he has the ability to decide how laws should be and chooses others to help fill in the executive branch or the cabinet. This office is the most powerful office in the world. Nixon found it very hard to trust his cabinet members. If he suspected something, he refused to let it go until he found some dirt on the guy. One of Nixon’s cabinet members, Spiro Agnew, was charged with having $100,000 from accepting bribes. Nixon didn’t give up on a lead because he always suspected the worst in everyone.
The 1960 presidential debate between John F. Kennedy and Richard Nixon took place at a time when the world was recovering from the bloodiest and most destructive war in history. Soon after the end of WWII, the rise of the Soviet Union and Communism became a threat to the political and economic ideologies which made America “a great country.” So it was natural for both presidential candidates to take this issue to the podium and discuss the nature of threat posed by the USSR and how it affect United States’s image in the world stage. Additionally, while both candidates advocated progressivism—the belief that progress in science, technology, etc, are important for the human situation—Kennedy stressed that he is not satisfied in the educational system, food security, unemployment, energy, racial and gender inclusiveness. In contrast, Nixon claimed that the United States “is moving ahead,” stating that there has been an increased growth in most sections of the economy and building infrastructures, including the construction more schools.
The Great Depression was the single most devastating economic catastrophe that had resounding effects and consequences on people all over the world. Did the various expansionary monetary policies employed by the Fed help the US pull out of the Great Depression during the Hoover administration? What was done differently after Roosevelt became president? Many economists and historians have argued that the misguided monetary policies during the Hoover administration including the mistiming of interest hike, allowance of the decrease in national money supply and reluctance in expansionary monetary policies due to the maintenance of the gold standard were contributive to the length and severity of the Great Depression. Several estimates from various models have suggested that the mistakes made in the monetary policies during the same period contributed to around 20 to 70% of the decline in real output during the Hoover administration (Fishback, 2010, pg 386). After the Roosevelt administration took control in 1933, recovery began primarily due to the abandonment of the gold standard and the appointment of Eugene Black as the Chair of the Federal Reserve. This argument is backed by numerous case studies, economic models, and research papers. Researching these two questions would provide a deeper insight into some of the monetary policies implemented today and also make sure that history doesn’t repeat itself. Facts presented below supports the argument on how the Fed’s monetary
Richard Nixon's presidency is one of the most examined, analyzed and discussed, yet least understood, of all the American administrations in history. While many factors still remain to be discovered, and many mysteries are left to be resolved, we need to do the best that we can to make sense of this secretive president of our past and his era. He is the one American figure about whom very few people don't have strong feelings for. Nixon is loved and hated, honored and mocked . The term 'Watergate', labeled by Congress in 1974, stands for not only the burglary, but also for the numerous instances of officially sanctioned criminal activity and abuses of power as well as the obstruction of justice that preceded the actual break-in.
Richard Nixon, though created a large credibility gap within the US, he accomplished a lot for the country. He served five years in the presidential office as a republican (1969-1974), and he was the only president to resign from office in history. Although through his presidency he had accomplished many things, such as creating revenue sharing, ending the draft, and creating anticrime laws, he still had a rough time rebuilding his reputation after many assumptions of corruption in his office. Though he never admittedly pledged guilty to his crimes of taking government funds for his own personal gain, there was proof that he was. After the Watergate scandal, the American people set their mind to believe what the proof led to, so Nixon’s
Our economy is a machine that is ran by humans. A machine can only be as good as the person who makes it. This makes our economy susceptible to human error. A couple years ago the United States faced one of the greatest financial crisis since the Great Depression, which was the Great Recession. The Great Recession was a severe economic downturn that occurred in 2008 following the burst of the housing market. The government tried passing bills to see if anything would help it from becoming another Great Depression. Trying to aid the government was the Federal Reserve. The Federal Reserve went through a couple strategies in order to help the economy recover. The Federal Reserve provided three major strategies to start moving the economy in a better direction. The first strategy was primarily focused on the central bank’s role of the lender of last resort. The second strategy was meant to provide provision of liquidity directly to borrowers and investors in key credit markets. The last strategy was for the Federal Reserve to expand its open market operations to support the credit markets still working, as well as trying to push long term interest rates down. Since time has passed on since the Great Recession it has been a long road. In this essay we will take a time to reflect on these strategies to see how they helped.
Ketrow, S.M. (1999) Nonverbal aspects of Group Communication. The Handbook of Group Communication Theory and Research, 255.
President Richard M. Nixon’s administration had to face many international and domestic challenges in the United States between 1968 and 1974, some positive and some negative. His achievements in expanding peaceful relationships with both China and the Soviet Union are contrastingly different with his continuation of the Vietnam War. In the end, Nixon’s scandals and abuse of presidential power caught up to him, and his administration did much to corrode America’s faith in the government.