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An uncertain dollar: The Wall Street Journal, the New York Times and the monetary crisis of 1971 to 1973

Tiago Mata ()

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: In August 15, 1971, President Nixon announced the unilateral suspension of the convertibility of the dollar into gold, a foundation of the world monetary system since the Second World War. The media and economic experts were caught by surprise, neither could foresee the immediate consequences of the decision or what would be the architecture of the emerging international monetary system. From 1971 to 1973, the money markets and the value of the dollar became a news, an opinion, an editorial item in both the New York Times and the Wall Street Journal. I examine this record to question how was anxiety about the dollar resolved in media communication? Media narratives were not uniform between and within the two newspapers. What distinguished the Times and Journal's coverage was their diverse framing of the dollar as political, financial or economic object. I conclude that media uncertainty about the dollar was less an outcome of failing expert knowledge as it was a consequence of the dollar's multiple cultural significations.

Keywords: Economic Journalism; dollar; Smithsonian; Nixon shock; media narratives (search for similar items in EconPapers)
JEL-codes: A11 B29 F33 N20 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2008-04
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mon
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