All attempts to maintain the link failed in November 1968, and a new political agenda attempted to transform the Bretton Woods system into an enforcement mechanism to raise the golden link set either by Fiat`s policy or by a restriction on the honour of foreign accounts. The collapse of the gold reserve and the refusal of pool members to negotiate gold with private companies – March 18, 1968, the U.S. Congress rescinded the requirement for 25% support for the dollar`s gold – and the U.S. commitment to suspend gold sales to governments operating in private markets, which led to the expansion of private gold markets, where the price of gold rose much higher than the official dollar.   The gold reserves of the United States remained depleted due to the actions of certain nations, particularly France, which continued to build their own gold reserves. The Bretton Woods Agreement of 1944 introduced a new global monetary system. It replaced the gold standard with the U.S. dollar as the global currency. It thus established America as a dominant power in the global economy. After the agreement was signed, America was the only country with the ability to print dollars.
The Bretton Woods exchange system was an imperfect system that has suffered many pressures throughout its history. Yet, for nearly thirty years, it has reached fixed exchange rates among its members. In Benjamin Cohen`s article, you will find a more detailed, if brief, presentation of the history of the system. Benjamin Cohen, Bretton Woods System, www.polsci.ucsb.edu/faculty/cohen/recent/bretton.html. The United States launched the Marshall Plan for the economic recovery of the European Union in order to provide significant financial and economic assistance to the reconstruction of Europe, largely through subsidies rather than loans. The member countries of the Soviet bloc, for example. B Poland, were invited to receive the subsidies, but obtained a favorable agreement with the COMECON of the Soviet Union.  In a speech at Harvard University on June 5, 1947, U.S. Secretary of State George Marshall said that the World Bank, despite its name, was not (and is not) the World Bank. At the time of the Bretton Woods agreement, the World Bank was created to lend to European countries devastated by the Second World War.
The World Bank`s focus has shifted to lending to economic development projects in emerging countries. The agreement could not encourage the discipline of the Federal Reserve or the U.S. government. The U.S. Federal Reserve expressed concern about a rise in the domestic unemployment rate due to the depreciation of the dollar. To undermine the efforts of the Smithsonian Agreement, the Federal Reserve lowered interest rates in order to pursue a pre-domestic policy objective of full national employment. With the Smithsonian agreement, member states expected the dollar to return to the United States, but lower interest rates within the United States have led the U.S. dollar to continue to flow to foreign central banks. The influx of dollars into foreign banks continued the process of monetizing the dollar abroad, beating the objectives of the Smithsonian agreement.