Which of the following best describes the circumstances surrounding the breakdown of the Bretton Woods system?
A) The United States was enjoying a persistent trade surplus.
B) There was too much dependence on the dollar because no other country had a stable currency.
C) Germany, with its strong currency, refused to defend the dollar.
D) Speculators were betting on the depreciation of the U.S. dollar, and they started selling dollars in the foreign exchange market.
E) The member countries began restricting free trade by introducing tariffs.
Correct Answer:
Verified
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