What flaw led to ultimate breakdown of the system in 1971

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1. Explain why the members of the Bretton Woods conference in 1944 wanted to establish a system of fixed exchange rates. What flaw led to the ultimate breakdown of the system in 1971?

2. Suppose you want to reserve a hotel room in London for the coming summer but are worried that the value of the pound may rise between now and then, making the room too expensive for your budget. Explain how a speculator could relieve you of this worry. (Don't actually try it-speculators deal only in very large sums!)

Reference no: EM131403070

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