Changes

===The End of the Bretton Woods System===

[[File: Nixon.jpg|300px|thumbnail|left|American President Richard Nixon (In Office from January 20, 1969 to August 9, 1974)]]

As well planned and thought out as the Bretton Woods system may have been, it also came with many inherent problems that led to its eventual demise. The primary problem was also a bit of a paradox that Keynes apparently never considered. As the Bretton Woods system grew, it required a growing “gold pool” to keep pace with the ever increasing currency. By 1960, the amount of dollars circulating throughout the world far exceeded the value of the gold pool in Fort Knox. <ref> Conway, p. 375</ref> Part of the problem was due to increased American spending on the Vietnam War and President Johnson’s Great Society program, but issues outside of the Americans’ control also began to take a toll on the system.