The Bretton Wood System
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The Breton Woods System
The current system which the i m f managed didn't come into full effect until 19 58, but it was in limited effect before that. The flaw in the breton wood system was, not surprisingly, the united states. Every other country had to keep us. Dollars in reserve, which was relatively easy enough. The us. However, had to keep gold in reserve. While they had the majority of the world's bullion reserves when the breton woods system started, their reserves eventually started to decline. In the late 19 sixties, the us. Had a hard time keeping up its end of the bargain. There were more us. Dollars floating around than could be backed up by the
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