Why Bretton Woods Failed
"The US Dollar's reserve currency status, in the Bretton Woods system, caused a persistent US current account deficit. This current account deficit was exacerbated by heavy deficit spending by the US government, to fund both president Johnson's Great Society welfare programs, and the Vietnam War. The huge Balance of Payments imbalances eventually led to the demise of the system."
"Should the circulating paper at any time exceed [the appropriate amount within the context of the gold parity system], it must return immediately upon the banks to be exchanged for gold and silver."