The strengthening of the relative decline in American power and The dissatisfaction of Europe and Japan with the system was the continued decline of the dollar, the basis that had supported the global trading system after 1945. The Vietnam War and the government`s refusal of U.S. President Lyndon B. Johnson to pay for it and its Grand Corporation programs through taxation resulted in an increase in outflows of dollars to pay for military spending and widespread inflation, resulting in a deterioration in the U.S. trade balance. In the late 1960s, the dollar was overvalued with its current position, while the German mark and the yen were undervalued; And of course, the Germans and the Japanese did not want to revalue their exports and thus increase them, while the United States tried to preserve its international credibility by preventing devaluation.  Meanwhile, the pressure on government reserves has been exacerbated by new international foreign exchange markets, with their huge pools of speculative capital in search of quick profits.  Never before has international monetary cooperation been attempted on a sustainable institutional basis. The decision to distribute the right to vote among governments was even more revolutionary, not on a one-vote basis, but in relation to quotas. As the United States has contributed the most, American leaders have been the key.
Under the weighted voting system, the United States exerted a preponderant influence over the IMF. From the outset, the United States maintained one-third of the IMF`s quotas, alone enough to veto any changes to the IMF charter. As chief international economist at the U.S. Treasury, Harry Dexter White designed the U.S. Cash Access Project in 1942/44, which rivaled Keynes`s plan for the British Treasury. Overall, White`s system tended to favour incentives to create price stability in the world`s economies, while Keynes wanted a system that promoted economic growth. The “collective agreement was a huge international undertaking,” which took two years before the conference to prepare for it. It consisted of numerous bilateral and multilateral meetings to find a common basis for determining the policies that would be behind the Bretton Woods system. The IMF has attempted to provide for exchange rate adjustments from time to time (a change in the face value of a member) by an international agreement.