In May 1971, West Germany left the Bretton forest system. Switzerland cashed in $50 million for gold. In early August 1971, France sent a warship into New York Harbor and received US$191 million in gold (Huffington Post). On August 11, the British ambassador requested that $3 billion for gold (1/3 of the U.S. Gold Reserve, Tyler Durden), as announced by President Nixon (copy) on August 15, 1971: … [D]i caximate cause of the world depression was a strukturell fehlerhaft and poorly managed international gold standard. … For many reasons, including the Federal Reserve`s desire to stem the U.S. stock market boom, monetary policy in several major countries became contractualized in the late 1920s, a contraction that was transmitted worldwide by the gold standard. What began to be a lenient deflationary process began to take off when the banking and monetary crises of 1931 triggered an international « battle for gold ». The sterilization of gold inflows by surplus countries [the United States and France], the substitution of gold by foreign exchange reserves and runs to commercial banks has led to an increase in the coverage of silver gold and, consequently, a sharp involuntary decrease in domestic shipments.
Monetary contractions, on the other hand, have been strongly linked to lower prices, output and employment. Effective international cooperation could, in principle, have allowed for the expansion of money on a global scale despite restrictions on the gold standard, but disputes over the reparations and war debts of the First World War and the insularity and inexperience of the Federal Reserve prevented this result. As a result, some countries were only able to escape the deflationary whirlwind by unilaterally abandoning the gold standard and restoring national monetary stability, a process that stretched in a stagnant and uncoordinated manner until France and the other gold bloc countries finally left gold in 1936. – Great Depression, B. Bernanke A devastated Britain had little choice. Two world wars had destroyed the country`s main industries, which paid for the import of half of the food and almost all of its raw materials except coal. The British had no choice but to ask for help. It was only when the United States signed a 4.4 billion pound British aid agreement on 6 December 1945 that the British Parliament ratified the Bretton Woods Agreements (which took place later in December 1945). Although 44 nations participated, the conference discussions dominated two rival plans of the United States and the United Kingdom. In a letter to the British Treasury, Keynes, who took over the conference, did not want many countries. He believed that those of the colonies and half-colonies « had nothing to contribute and will only weigh on the ground. »  In 1958-71, the United States had a cumulative reserve deficit of $56 billion.