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Translate Chinese into English with a high level of proficiency and fluency Bretton Woods made the dollar the world currency. The gilded dollar gave global trade a booming impetus after World War II and paved the way for the collapse of the fixed-exchange rate system. New Hampshire, USA, has a scenic tourist resort called Bretton Woods. The most famous hotel in Bretton Woods is the Monte Washington Hotel. Bretton Woods became famous because of a historic conference. Shortly after the Normandy landings in the summer of 1944, the world's attention was focused on the smoke-filled European battlefields. At this time, the Washington Hotel in Bretton Woods quietly came alive, with a total of 730 delegates from 45 countries gathering to discuss how to build a global monetary and financial system. Many of the attendees were regulars in the mainstream financial media, including U.S. Treasury Secretary Morgenthau, Deputy Secretary White and Federal Reserve Chairman Aikos. The most influential of these was Maynard Keynes, head of the British delegation, whose reputation endured in economics for more than 60 years. It is by far the economist who has had the greatest influence on the government's economic policy. U.S. Deputy Treasury Secretary White is also a well-known economist. When the U.S. government's proposal was put on the agenda at the same time as the Keynesian proposal, an international conference became a rhetoric between two economists, who proposed that a super-sovereign international currency should be created to undertake this function, which he named Banco. White believes that this is redundant, the dollar can directly assume this function, and other countries' currencies only need to be pegged to the dollar. Whether it's Banko or the dollar, that's the point of contention. The purpose of the Keynes plan is objectively to prevent the United States from using the dollar to dominate the global economy, and at this time, the United States has two-thirds of the world's gold reserves, is the world's largest creditor country, and its comprehensive national strength is unparalleled in the world. After war, Europe has experienced economic collapse, and Britain, the former hegemon, has become the largest debtor of the United States. So the background of White's plan is the great military and economic power of the United States. The result of the argument between the two economists is that economic power determines the winner of any White proposal. The most important element of the Bretton Woods Agreement in July 1944 was that the currencies of countries were pegged to the US dollar, and the annual exchange rate fluctuations did not exceed 10%. The dollar is pegged to gold, and governments can exchange gold to the United States at an official exchange rate of $35 an ounce at any time, which is the famous double peg. In this way, the US dollar has become a unique credit currency in the international market. After World War II, the Bretton Woods monetary system brought postwar financial stability and facilitated the cross-border movement of goods and capital. Between 1948 and 1976, global trade grew steadily, averaging 7 to 8 per cent per year. The biggest beneficiary of the Bretton Woods monetary system is the United States, which controls the issuance of the dollar. In a bad economy, it only needs to print more dollars in exchange for goods and services from other countries. The hegemony of the dollar has greatly strengthened the hegemony of the United States in the global economy, and at the same time brought the shadow of the dollar crisis. In the 60s of the 20th century, the economy of Germany and Japan rose, the US economy was relatively weak, and the balance of payments deteriorated sharply. To stimulate the economy, the printing press in the United States accelerated. The growth in the amount of dollar currency led to the depreciation of the dollar, but the official exchange rate of the dollar against gold did not change. As a result, governments have exchanged the dollars held in foreign exchange reserves into gold, resulting in a sharp decline in gold reserves in the United States. In October 1961, the first dollar crisis broke out, and there was a wave of selling dollars in the international market to snap up gold. The dollar crisis led to a rise in the price of gold, and the market exchange rate quickly soared above $40 an ounce. In the summer of 1971, the international market once again set off a rush to buy gold. The French government even took the lead in exchanging bundles of dollars for gold to the United States. At this point, if the official exchange rate of $35 an ounce continues, the gold reserves of the United States will be depleted. On August 15, 1971, President Nixon announced the implementation of the New Economic Policy, the most important of which was the decoupling of the dollar from gold, known as the Nixon shock. Since then, countries have abandoned fixed exchange rates against the dollar in favor of floating exchange rates. In 1973, the Middle East oil crisis broke out, the price of gold soared, the dollar and gold completely broke, and the double-pegged international monetary system disintegrated after 27 years of history.