However, Bretton Woods was formulated, agreed to and came into play in 1944. It then operated worldwide until Nixon announced the convertibility of the US$ to gold was being withdrawn "as a temporary measure" in 1971.
So the world operated under the fact of the US$ as the World Reserve Currency for 27 years straight - with all trade, goods,, services, finances and currencies contracted based upon it.
In truth, it continued to hold effect until one by one the individual countries made legal steps to break the ties. For instance, this didn't occur in Australia for another 10 years, until the Keating government floated the A$ in 1981.
So the US$ has continued in operation as the World Reserve Currency. Saddam Hussein attempted to write Iraq's oil contracts in something other than US$ (ie gold) - Saddam Hussein is dead and Iraq is destroyed. Gaddafi proposed introducing the Gold Dinar for the purpose of international trade, at least for countries in the ME. Gaddafi is dead and Libya is destroyed.
Nowadays, serious alternatives to the US$ for the purpose of world trade are being mooted but aren't yet in place - and the USA is not in any position to swot these.
As a consequence, perhaps 'other events' will become so all-encompassing that the world once again will blow itself/be blown to bits. And a 'victor' will assume control of the world.
Good time to be investing in gold and even more-so the poor man's gold for mine.
Long winded way to say that I see the world still operating under the concept that the US$ is the Reserve Currency. But large cracks are certainly starting to develop and grow.
