The gold standard was a system under which nearly all countries fixed the value of their currencies in terms of a specified amount of gold. With the exception of the US, most countries left the gold standard, either legally or in practice, during or immediately after World War I. With the gold standard preventing monetary authorities from expanding money supply rapidly enough to revive economic activity, the world’s leaders met at Bretton Woods, New Hampshire, in 1944 to create a new international monetary system. It was then decided to tie the world currencies to the dollar, which, in turn, they agreed should be convertible into gold at $35/ troy ounce. As the US accounted for more than half of the world’s manufacturing capacity and owned most of the world’s gold, currencies were tied to the dollar. Over time, however, the fixed price became unrealistic, because of inflation and due to rising demand for gold as jewellery and investment. The US President Richard Nixon suspended the fixed convertibility between gold and the dollar in 1971.