As a result of Bretton Woods and the resulting dollar's use as a proxy for gold,the U.S.ran up a balance of payments deficit of around $56 billion,which led to the U.S.going off the gold exchange standard in 1971.

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This is exactly what happened. Eventually, any currency that is used in this role will encounter excess external demand and lead to a deficit.

As a Result of Bretton Woods and the Resulting Dollar's