and i'm your host, bill kurtis. this is "through the decades." day after day here we play witness to the enormity of history, the power of people and events to shape our world and capture our attention this week in august, we have "relived, remembered and related" to the scandals, the controversies, the iconic debuts and more that all happened "through the decades" america's economy was facing another recession. richard nixon was facing re- election. he result was a dramatic re- thinking of the united states' role in the global economy which has had a lasting impact on the value of the dollar today. "the range of actions i have taken and proposed tonight on the jobs front, on the inflation front, on the monetary front, is the most comprehensive new economic policy to be undertaken in this nation in four decades." in 1971, america's economy was facing a crossroads. paying for the vietnam war, aiding other countries and expanding social programs had stretched the value of the dollar. it was a dollar that since world war ii was linked directly to th