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As World War II was coming to an end, the leading Western powers, lead by the US, met to develop the Bretton Woods Agreement.

In 1944 more than 700 representatives from 44 nations traveled to the Mount Washington Hotel, a secluded resort in the mountains of Bretton Woods, New Hampshire. They intention is to come up with a new financial system for the global economy.
With the global economy in recovery, they needed to regulate and promote international trade. The first thing they needed to decided on was currency pegs. Currency pegs are expected to provide currency stabilization for trade of goods and services as well as financing.

Since the US held most of the world's gold supply and the gold-backed dollar was relatively stable, US became the world’s reserve currency. This meant other currencies could back their currencies with dollars rather than gold.
The dollar to gold price was $35 per ounce. As you can see, the world continued to operate upon a gold standard, however indirectly.

In order to ensure compliance with the new rules, two international institutions were created: the International Monetary Fund (IMF), to monitor exchange rates and identify nations that needed global monetary support, and the International Bank for Reconstruction and Development, now known as the World Bank, to manage funds meant to help countries hit by WWII.
This rule afforded the US dollar some privileges other countries could only dream of. The biggest benefit to us is the circulation we enjoyed. The world bought more and more of the dollar. We will discuss this in length in the next video.

However, by 1971, concerned that the U.S. gold supply was no longer adequate to cover the number of dollars in circulation, President Richard M. Nixon devalued the U.S. dollar relative to gold.
After a run on gold reserve, he declared a temporary suspension of the dollar’s convertibility into gold. By 1973 the Bretton Woods System had collapsed. Countries were then free to choose any exchange arrangement for their currency, except pegging its value to the price of gold. They could, for example, link its value to another country's currency, or a basket of currencies, or simply let it float freely and allow market forces to determine its value relative to other countries' currencies.

And that is the biggest failure of our financial system.



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