The US could no longer maintain a fixed exchange rate between the dollar and gold – the cornerstone of the postwar Bretton Woods system. The arrangement collapsed because the US did not want to tighten monetary policy and run more restrictive fiscal policy: keeping US voters happy was understandably more important to President Nixon than maintaining a global system of fixed exchange rates.
1971年国际货币体系崩溃后，美国宏观政策框架有了极大的改变。美国不再能够维持美元和黄金之间的固定兑换率，而这正是战后布雷顿森林体系的基石。该安排之所以崩溃，是因为美国不再愿意紧缩货币政策以及采取更严格的财政政策：不难理解，对尼克松总统来说，取悦美国选民要比维持全球固定汇率体系更加重要。