As a result of Bretton Woods and the 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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The statement is true. The U.S. running up a Balance of Payments deficit due to the Bretton Woods system and the dollar's use as a proxy for gold was a significant factor that contributed to the decision to abandon the gold exchange standard in 1971.

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