At the time of the agreement, the U.S. economy was dominant; it represented over 35% of global GDP. Much of the developed world was devastated from the destruction of WWII. Within a few years after the war, the Soviet Union closed off the communist bloc and those nations generally used countertrade2 or used the ruble. Thus, the
burden of providing the reserve currency was somewhat reduced because the dollar wasn’t used in the communist nations.
In the early years of the Bretton Woods system, the U.S. held 70% of the world’s gold reserves. However, as time passed, the amount of gold dwindled.
ARK Invest is known for targeting high-growth technology companies, with one of its most recent additions being DraftKings. In an interview with Maverick's Lee Ainslie at the Robinhood Investors Conference this week, Cathie Wood of ARK Invest discussed the firm's process and updated its views on some positions, including Tesla. Q1 2021 hedge fund letters, Read More