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Bretton Woods Conference
Bretton Woods Conference

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[{$pagename}], formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44  [Allied nations|https://en.wikipedia.org/wiki/Allies_of_World_War_II] at the Mount Washington Hotel|https://en.wikipedia.org/wiki/Mount_Washington_Hotel], situated in [Bretton Woods|https://en.wikipedia.org/wiki/Bretton_Woods,_New_Hampshire], [New Hampshire|https://en.wikipedia.org/wiki/New_Hampshire],  [United States], to regulate the [international monetary and financial order|https://en.wikipedia.org/wiki/International_monetary_systems] after the conclusion of [World War II|https://en.wikipedia.org/wiki/World_War_II].
[{$pagename}], formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44  [Allied nations|https://en.wikipedia.org/wiki/Allies_of_World_War_II] at the Mount Washington Hotel|https://en.wikipedia.org/wiki/Mount_Washington_Hotel], situated in [Bretton Woods|https://en.wikipedia.org/wiki/Bretton_Woods,_New_Hampshire], [New Hampshire|https://en.wikipedia.org/wiki/New_Hampshire],  [United States], to regulate the [international monetary and financial order|https://en.wikipedia.org/wiki/International_monetary_systems] after the conclusion of [World War II|https://en.wikipedia.org/wiki/World_War_II] .
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The [{$pagename}] system required countries to guarantee convertibility of their currencies into  [U.S. dollars|DOLLAR] to within 1% of fixed parity rates, with the dollar  [convertible to gold bullion|https://en.wikipedia.org/wiki/Gold_standard] for foreign governments and [central banks|https://en.wikipedia.org/wiki/Central_bank] at US$35 per [troy ounce|https://en.wikipedia.org/wiki/Troy_ounce] of fine gold (or 0.88867 gram fine gold per dollar).
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The [{$pagename}] system required [countries|Country] to guarantee convertibility of their currencies into [United States Dollar] to within 1% of fixed parity rates, with the [United States Dollar]  [convertible to gold bullion|https://en.wikipedia.org/wiki/Gold_standard] for foreign governments and [Central Bank|Central Banking System] at $35US per [troy ounce|https://en.wikipedia.org/wiki/Troy_ounce] of fine gold (or 0.88867 gram fine gold per dollar).
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The [United States], which controlled two-thirds of the world's [gold], insisted that the [{$pagename}] rest on both gold and the [United States Dollar].
The [United States], which controlled two-thirds of the world's gold, insisted that the [{$pagename}] rest on both gold and the [United States] [DOLLAR].
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[{$pagename}] was held from July 1 to the 22, [1944|Year 1944]
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!! [United States] termination of convertibility Dollar to [Gold]
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A negative [balance of payments|https://en.wikipedia.org/wiki/Balance_of_payments], growing [public debt|https://en.wikipedia.org/wiki/Public_debt] incurred by the [Vietnam War|https://en.wikipedia.org/wiki/Vietnam_War] and [Great Society|https://en.wikipedia.org/wiki/Great_Society] programs, and [monetary inflation|https://en.wikipedia.org/wiki/Monetary_inflation] by the [Federal Reserve] caused the [United States Dollar] to become increasingly overvalued.
[{$pagename}] was held from July 1 to 22, [1944|Year 1944]
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The drain on [United States] gold reserves culminated with the [London Gold Pool|https://en.wikipedia.org/wiki/London_Gold_Pool] collapse in March 1968. By [1970|Year 1970], the U.S. had seen its gold coverage deteriorate from 55% to 22%. This, in the view of  [neoclassical economists|https://en.wikipedia.org/wiki/Neoclassical_economics], represented the point where holders of the dollar had lost faith in the ability of the U.S. to cut budget and trade deficits.
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In 1971 more and more dollars were being printed in Washington, then being pumped overseas, to pay for government expenditure on the military and social programs. In the first six months of [1971|Year 1971], assets for $22 billion fled the U.S.
On 15 August [1971|Year 1971], Nixon issued [Executive Order 11615] pursuant to the [Economic Stabilization Act of 1970|https://en.wikipedia.org/wiki/Economic_Stabilization_Act_of_1970] effectively bringing the [{$pagename}] to an end and rendering the [United States Dollar] a [Fiat Currency].
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