In August 1971, President Richard Nixon, without any international consultations, launched what became known as the Nixon Shock. He broke the link between gold and the US dollar, thereby ending the international monetary system established in 1944.
The UN appeal comes at a moment when humanitarian funding is already stretched by multiple crises. While CERF has provided rapid support, broader donor commitments remain insufficient relative to the scale of projected need.
South Asia’s lead crisis is not inevitable. Experience elsewhere demonstrates that decisive regulation, industrial formalisation and community-level interventions can sharply reduce exposure.
The UN appeal comes at a moment when humanitarian funding is already stretched by multiple crises. While CERF has provided rapid support, broader donor commitments remain insufficient relative to the scale of projected need.