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You can't stop trade between people. Without trade, people starve. So aggregate exchange rates have to be established between local communities for cross border transactions. These exchange rates for cross border transactions are handled between bankers. The Bretton Woods conference established between bankers who pays who for what. More precisely what institution would accept payment from, or make payment to which institution on an approved list to count their total assets as a qualified borrower or lender. This is called the Bretton Woods System. Some of these institutions didn't exist before the conference, and were created out of the conference with aggregate assets of lenders participating in the conference to provide working capital. The institutions are the [[World Bank]], the [[International Monetary Fund]] to reconcile accounts annually between member states. And the Bank for International Settlements to settle mostly civil claims between actors.

You can't stop trade between people. Without trade, people starve. So aggregate exchange rates have to be established between local communities for cross border transactions. These exchange rates for cross border transactions are handled between bankers. The Bretton Woods conference established between bankers who pays who for what. More precisely what institution would accept payment from, or make payment to which institution on an approved list to count their total assets as a qualified borrower or lender. This is called the Bretton Woods System. Some of these institutions didn't exist before the conference, and were created out of the conference with aggregate assets of lenders participating in the conference to provide working capital. The institutions are the [[World Bank]], the [[International Monetary Fund]] to reconcile accounts annually between member states. And the Bank for International Settlements to settle mostly civil claims between actors.

On February 14, 1945, US [[President Franklin Roosevelt]] reached an agreement with [[Ibn Saud]], King of [[Saudi Arabia]], to make the US dollar the international [[reserve currency]] for the purchase of oil.<ref>[https://www.history.com/news/fdr-saudi-arabia-king-oil How FDR Charmed a Saudi King and Won U.S. Access to Oil], BY: LESLEY KENNEDY, UPDATED: OCTOBER 25, 2023 | ORIGINAL: OCTOBER 18, 2018. history.com</ref>

On February 14, 1945, US [[President Franklin Roosevelt]] reached an agreement with [[Ibn Saud]], King of [[Saudi Arabia]], to make the US dollar the international [[reserve currency]] for the purchase of [[crude oil]].<ref>[https://www.history.com/news/fdr-saudi-arabia-king-oil How FDR Charmed a Saudi King and Won U.S. Access to Oil], BY: LESLEY KENNEDY, UPDATED: OCTOBER 25, 2023 | ORIGINAL: OCTOBER 18, 2018. history.com</ref>

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