Nevertheless, several attempts have been made by representatives, financial officials and government agencies to revive the system and set the exchange rate. By 1973, however, almost all major currencies had begun to float to each other and the whole system eventually collapsed. The creation of Bretton Woods led countries to attach their currency to the U.S. dollar. In return, the dollar was pepped to the price of gold and the United States dominated the global economy. The United States was the only nation that could print the world-wide accepted currency, and countries had more flexibility than with the old gold standard. The first attempt was the creation of the London Golden Pool on November 1, 1961 between eight nations. The theory behind the pool was that the peaks in the free market price of gold set up by fixing morning gold in London could be controlled by a gold pool intended to be sold on the open market, which would then be restored when the price of gold fell. The price of gold climbed to $40 an ounce in response to events such as the Cuban crisis and other minor events. The Kennedy administration has designed a radical change to the tax system to stimulate greater production capacity and thus encourage exports. This culminated in the 1963 tax reduction program, which was designed to maintain the commitment at $35. The agreement also facilitated the creation of very important financial structures: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now known as the World Bank. On the other hand, after the creation of Bretton Woods, where the United States produced half of its manufactured goods and held half of its reserves, the two charges of international management and the Cold War could first cope with the double burdens of international leadership and the Cold War.
During the 1950s, Washington maintained a balance-of-payments deficit to finance credit, aid and troops for allied regimes. But in the 1960s, costs became less bearable. Until 1970, the United States held less than 16% of international reserves. Adjusting to these changes in reality has been hampered by the U.S. fixed exchange rate requirement and the U.S. requirement to convert the dollar into gold on demand. But on a larger scale, the agreement brought together 44 nations from around the world, who brought them together to solve a growing global financial crisis. It has helped strengthen the global economy as a whole and maximize international trade benefits.