From 65438 to 1970s, due to the huge fiscal deficit and the expansion of credit, the United States accelerated the rapid development of inflation, and stagflation became the most serious problem that plagued the American economy and politics. 2. 1972 At the end of the year, the short-term foreign debt of the United States reached $810 billion, which was an astronomical figure at that time. America's gold reserve is only enough to cover its 1/8, which makes America's balance of payments credit fall to the lowest point and triggers a wave of selling dollars and buying Deutsche Mark, Japanese yen and Swiss franc in the international financial market on a large scale. 3.1973 February 12. After February 197 10 announced the depreciation of the US dollar against gold, the United States once again announced the depreciation of the US dollar against gold 10%. But this still does not help to alleviate the "dollar crisis." 1March, 973, the wave of selling dollars and snapping up gold and other currencies happened again. The London gold market 1 ounce gold price once rose from the official price of $42.22 to $96, and the foreign exchange markets in western Europe and Japan were forced to close for 17 days. Then, some major capitalist countries turned to a joint floating exchange rate system or a separate floating exchange rate system. The United States also announced that it would stop all countries in the world from exchanging dollars for gold. At this point, the Bretton Woods international monetary and financial system completely collapsed.