Question

What action did President Nixon take to enable devaluation of the dollar during the increase in U.S. inflation in 1971

Answer 1

The dollar was no longer convertible into gold.

Step-by-step explanation:

President Nixon ordered Executive Order 11615, which brought stability in the economy of the country by Stabilization of Wages, Prices, Rents, and Salaries. It also reduces inflation, minimize unemployment and protect the purchasing power of the dollar.