WASHINGTON - On August 15, 1971, President Richard Nixon gave a speech announcing what would be known as his "New Economic Policy." The speech led directly to the formation of the Libertarian Party.
In the speech, Nixon announced two measures that were of particular concern to libertarians. First, a government-imposed freeze on wages and prices. Second, an end to the convertibility of dollars to gold.
Nixon said, "I am today ordering a freeze on all prices and wages throughout the United States for a period of 90 days."